According to CoinMeta, oil prices fell by $2 due to unconfirmed reports of a ceasefire between the United States and Iran. Both Brent crude and West Texas Intermediate crude saw a decline of about $2 within an hour after the report was released, further exacerbating the approximately 5% drop since last week's highs. The market's sensitivity to any signs of resolution is reflected in current prices, which are still affected by the geopolitical risk premium associated with the Strait of Hormuz. However, this price fluctuation seems somewhat excessive relative to the source of information behind it. A single news source cited unnamed foreign military and security officials, which is not sufficient to justify a $2 price adjustment. If the report is not further confirmed by other news agencies or Tehran's state media, the market should be wary of the risk of a rapid reversal.