Brent just gave back most of that spike and sits at $92.43, down 0.72% after tagging near $94-95 earlier. The move feels like classic relief once the Iran supply chatter cooled.

WTI is tracking lower around $89.50. The street had clearly baked in a bigger disruption risk on the initial headlines, so the quick stabilization is forcing a fast repricing.

What changed is simple: the flow concerns that drove the early bid are easing, so the premium is getting unwound. Not a full reversal, just the market realizing the worst-case scenario isn’t materializing right now.

Key levels I’m watching

• Any sustained break under $92 could open a test of the prior consolidation zone.
• Reclaims of $93.50-$94 would need fresh headlines to stick.

Options flow had priced a decent volatility pop on the headline; with the actual move smaller, premium sellers are probably the ones sitting pretty this session.

Curious how the room is positioning energy names into this fade – anyone seeing follow-through on the downside or treating it as a buy-the-dip setup?