IRAN — IRAN-US DE-ESCALATION HALTS OIL'S RALLY; RED SEA SHIPPING PREMIUMS REMAIN ELEVATED

Global oil prices have retreated following a temporary halt in military exchanges between the US and Iran, with Brent crude falling 5.9% to $91.08 per barrel. However, war risk insurance premiums for vessels transiting the Red Sea and Bab al-Mandab strait remain high, climbing to between 0.75% and 1% of a ship's value, reflecting persistent supply chain risks in the key maritime chokepoint.