Brent crude oil markets have undergone pronounced volatility amid shifting geopolitical dynamics related to US-Iran negotiations. The sharp 19.3% drop in May, the steepest since early 2020, underscores heightened uncertainty around future supply disruptions. Recent optimism over a ceasefire has further pressured prices, with an 11.1% decline last week alone. For traders, this environment calls for close monitoring of diplomatic developments, as oil price movements will likely remain reactive to news flow. Such volatility could impact the Canadian dollar given its correlation with oil prices, presenting both risks and opportunities in short-term trading strategies.