Analysts observe divergent normalization in spot prices, volatility, and option skew following the agreement’s implementation.
Brent oil markets are normalizing after the US-Iran deal, but adjustments vary across key metrics. Spot prices, 3-month implied volatility, and 25% delta call/put skew are retracing at different rates from early-2026 stress levels, according to analysis of the 4th Brent future contract and options data.
Volatility reached peak stress earliest, on March 12, 2026, while spot and skew metrics followed distinct paths. Analysts benchmarked movements against a 0%-100% scale, where 0% marks the start of 2026 and 100% represents the highest stress point during the year.
The uneven recovery suggests lingering uncertainty in oil market dynamics despite the deal’s resolution. No immediate price reaction was detailed in the analysis.