All Eyes on Fundamentals as Geopolitical Risk in Oil Evaporates

Following the collapse of geopolitical risk premium in oil prices, oil is back to trading on supply, demand, and OPEC+ expectations. The Israel-Iran ceasefire and the lack of subsequent retaliatory attacks has drained oil markets of the elevated geopolitical risk that saw Brent near $80 per barrel last week, only to post a $9 per barrel week-on-week drop and trade around $68 per barrel on Friday. Now that the Middle East is relatively calm, there are two main price-defining events ahead - OPEC+ with its July 06 meeting and Donald Trump with his…