Since peaking in mid-April, crude oil prices have slumped nearly 10% in the spaces of just a few weeks. The sharp drop reflects in part the removal of war risk premium that was slowly priced in as the tensions in the Middle East intensified with Iran and Israel attacking each other directly. But as tensions have eased and hopes for a ceasefire between Israel and Hamas have grown amid international pressure on Jerusalem, oil prices have basically given back all the gains made since early March. There is also some concern about demand in the US where commercial crude inventories have been building more than expected as ... (full story)