WTI fell 7.5% in a day to close at $82.61, and Brent dropped 8.7% to $88.36—Iran stated it would suspend attacks as long as the US maintains a ceasefire, releasing all the geopolitical risk premium accumulated over the past two weeks at once.

$United States Oil Fund LP(USO.US) followed suit with an 8-9% drop; $Occidental Petroleum(OXY.US) fell by about 4%, while $ExxonMobil(XOM.US) saw only a slight decline, as its integrated refining segment had already hedged against part of the oil price downturn; $SHANDONG MOLONG(00568.HK) also weakened by more than 2 points.

For the same news, upstream pure E&P companies faced significantly greater pressure than integrated firms and oil service equipment providers. After the retreat of the risk premium, pricing power for oil prices has returned to the two lines of OPEC+ supply and Chinese demand, with the former still constrained by production increase plans.