Oil Markets Price In Peace, but the Upside Risk Remains

Crude oil prices were set for a sharp decline this week despite ongoing hostilities in the Middle East, as traders pinned their hopes on President Trump’s statements suggesting the war would end soon. Brent crude was trading at $107.98 per barrel at the time of writing, and West Texas Intermediate was changing hands for $94.12 per barrel. For Brent, the decline would be from $111 on Monday, and for WTI, the dip is from over $98 per barrel. Still, both benchmarks are considerably higher than they were at the start of the year, and chances…