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Oil prices, which had risen after U.S.-Iran peace talks in Geneva were abruptly postponed, turned lower Friday once Israel and Iran-backed Hezbollah agreed to a ceasefire effective 4 p.m.
official confirmed the agreement to CNBC, triggering a swift reversal in crude's earlier session direction.
Why the Geneva Postponement Initially Pushed Oil Higher A geopolitical risk premium is the markup embedded in an asset's price to reflect the probability that conflict disrupts supply.
For crude oil, the Middle East has long been the primary source of that premium — any signal that diplomatic containment of regional tensions has stalled tends to move energy markets immediately.
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