Oil prices have experienced significant fluctuations due to various geopolitical and economic factors. Initially, oil prices fell by 6% as the risk of a wider Middle East conflict diminished, following Israel's decision to avoid targeting Iranian oil facilities. This reduction in geopolitical tension eased global economic concerns and boosted investor sentiment. Traders who had placed bullish options bets on oil prices faced losses as most of those contracts became worthless. However, oil prices later steadied due to an unexpected drop in U.S. crude inventories, with the American Petroleum Institute reporting a decline of 573,000 barrels for the week ending October 25. Additionally, the U.S. plan to refill its strategic petroleum reserve offered support to oil prices. Market focus has now shifted back to economic concerns and supply drivers, with Brent crude hovering above $71 per barrel and WTI trading near $67. Daniel Ghali of TD Securities noted that traders have concluded this chapter of the Middle East conflict has closed.