Brent crude recently fell to $71.57 per barrel, while WTI decreased to $68.58, reflecting decreased supply-risk fears. Historically, progress in talks that reduce geopolitical tensions in the Middle East tends to lower the geopolitical risk premium on oil prices. AdvertisementKey TakeawaysCurrent market activity suggests a reduced likelihood of crude oil reaching new all-time highs, with prices falling amid US-Iran negotiations. The pricing appears consistent with decreased geopolitical risk perceptions, as seen in the recent drop in Brent and WTI crude prices. What to WatchInvestors will be closely monitoring the outcomes of the US-Iran talks, as any easing of tensions could further influence oil prices and market expectations.