Oil slides below $103 as Iran diplomacy intensifies, war risk premium unwinds

Brent crude fell below $103/bbl, extending a 3%+ two-session decline, as diplomatic efforts to de-escalate the Iran conflict gained traction. The drop reflects a shrinking geopolitical risk premium, though the durability of the ceasefire talks remains unverified. A sustained resolution would ease supply disruption fears and pressure energy prices further.