Oil prices slipped Wednesday as a tentative cease‑fire between the United States and Iran held, despite recent skirmishes in the region. Brent crude, the global benchmark, settled around $95 a barrel for August delivery, while the U.S. benchmark West Texas Intermediate closed near $92 a barrel for July. The decline of roughly two percent reflects market relief from geopolitical risk.

Equity markets offered little direction. S&P 500 futures barely moved, leaving no clue for the U.S. open, while Asian indices diverged—Taiwan and South Korea rose about two percent, Hong Kong and mainland China fell. Europe’s Stoxx 600 nudged higher. Gasoline slipped three cents to a national average of $4.46 a gallon and diesel to $5.58, still roughly 50 % above pre‑war levels.

Goldman Sachs lifted its year‑end S&P 500 target by 6 % after a strong first‑quarter earnings season, but warned that the recent oil shock could rekindle tighter financial conditions that have ended past bull markets. The modest price retreat eases headline‑inflation pressure on consumers, yet the fragile cease‑fire leaves oil volatility exposed. Investors now face a trade‑off between lower fuel costs and lingering geopolitical risk.