Every single US-Iran war premium has been erased.

Oil is back at $68.96, the exact level it was trading before the war began. Four months of geopolitical fear priced in, then priced straight back out in a matter of weeks.
The chart says what the headlines won't say plainly. The market has decided the war is over.
And the consequences are already moving. Russia is scrambling to import gasoline from India because Ukraine destroyed its refineries while oil was at $105. Nayara just cut Indian fuel prices for the first time in two years. The Iran sanctions premium that was holding crude above $100 is gone.
The market is almost never wrong about where a conflict is headed. When it gives back every single dollar of war premium this fast, it is not hedging. It is concluding.
The only question left is whether $68 holds or whether we see the pre-war range in the $60s next.