Brent crude oil has erased its entire war premium, plummeting approximately 40% from its March peak of nearly $120 to around $72.25. This decline returns oil prices to their pre-war support levels, as traders shift focus from geopolitical tensions to supply-demand dynamics and broader economic factors. The recent drop follows stalled diplomatic efforts between Iran and the United States. The weekly chart indicates that Brent crude has re-entered a descending parallel channel that has defined its trading range since late 2023. The price had previously surged due to the Iran-US conflict but has now fallen back into an accumulation zone between $60 and $72. The daily chart shows momentum turning sharply negative, with the Relative Strength Index (RSI) falling below 30, indicating oversold conditions. The critical support zone for Brent crude is between $68 and $72. A hold in this range could lead to a rebound towards $80, while a drop below $68 might push prices towards the $60 level. The future direction will depend on Middle East developments and supply-demand factors.