Image licensed by Brian Zinchuk via Storyblocks

There’s still a war on in Europe, with no end in sight, but it appears the geopolitical risk premium has disappeared from world oil markets.

On morning of Aug. 2, BNN Bloomberg was reporting West Texas Intermediate was trading at US$94.70 per barrel. That’s just above the US $92.81 the day of the invasion.

Similarly, Western Canadian Select (WCS) was going for US$75.48 per barrel, up from US$73.33 the day before. The day of the invasion it was US$80.63.

Since July 13, both prices have spent a lot of time just above the current price.