Oil fell in the Asian session, reversing earlier gains after President Trump said the US no longer needs a deal with Iran and said he wants the vice president to shift focus to other matters. CMS Prime COO Terri-Leigh Bennett said markets appear to be pricing diplomatic possibilities as if they already equate to physical supply, even though negotiations will not immediately repair infrastructure, normalise shipping or guarantee uninterrupted production. She added the drop does not mean geopoliti

Oil fell in the Asian session, reversing earlier gains after President Trump said the US no longer needs a deal with Iran and said he wants the vice president to shift focus to other matters. CMS Prime COO Terri-Leigh Bennett said markets appear to be pricing diplomatic possibilities as if they already equate to physical supply, even though negotiations will not immediately repair infrastructure, normalise shipping or guarantee uninterrupted production. She added the drop does not mean geopolitical risk has disappeared; traders are testing how much of a potential reversal of disruption is already reflected in prices.