West Texas Intermediate for July delivery fell $4.36 to $80.52 per barrel by 11:15 a.m. ET, while August contracts shed $4.23 to trade at $79.12. Brent crude mirrored this decline, with August futures dropping $4.23 to $83.10 per barrel. Despite the initial morning slide, volatility has compressed, with both benchmarks stuck in relatively narrow trading ranges as the market digests the geopolitical shift.

Refined products faced similar downward pressure. ULSD futures for July retreated 11.15 cents to $3.2929 per gallon, and RBOB gasoline futures for the same month declined 8.76 cents to $2.9622 per gallon. Stefan Arsenovic, CEO at Eleonex, noted that while the deal exerts immediate downward pressure, the path to stability remains fragile. Any implementation setbacks could trigger a swift reversal, leaving traders wary of further price swings as the agreement moves from rhetoric to reality.