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Expand chart
Data: FactSet; Chart: Axios Visuals

Remember the Jurassic era of oil markets in, uh, mid-September, when aerial attacks left the Saudis reeling and talk of big geopolitical risk premium was all the rage? Things look rather different now.

Driving the news: Both Brent and WTI prices have come down a lot since soaring after the attacks that initially knocked 5.7 million barrels per day of Saudi production offline. The chart above captures WTI's moves.

  • Prices this morning were around $61.15 for Brent and $56.14 for WTI.

Why it matters: The return of prices to nearly pre-attack levels shows the market effect of the Saudi moves to bring back output fast. But it's also a sign that soft economic conditions have reasserted their influence.

  • “Less than two weeks after the attacks on Saudi Arabia, the oil market has returned to business as usual,” Norbert Ruecker, head of economics at Julius Baer, tells Bloomberg.

What's new: "Oil steadied on Thursday due to optimism that the United States and China could resolve their trade dispute, though prices came under pressure from Saudi Arabia’s moves to restore output quickly after attacks on its oil installations," Reuters writes.

Go deeper

A city's catharsis

A view outside the Hennepin County Courthouse after yesterday's verdict. Photo: Stephen Maturen/Getty Images

Celebration and catharsis filled the streets of Minneapolis yesterday. After weeks on edge, many breathed a sigh of relief upon hearing Judge Peter Cahill read the sweep of guilty verdicts against Derek Chauvin.

What they're saying: "George Floyd isn't coming back to life, but this is the justice we were looking for," Jaqui Howard, who joined the crowds outside the courthouse yesterday, told The Star Tribune.

What to expect from Derek Chauvin's sentencing

Screenshot via CNN

Derek Chauvin was whisked away to prison after after two weeks of testimony and about 10 hours of jury deliberations, but his sentencing will move much slower — about eight weeks.

What's next: There's still plenty of wrangling left over how much time the former Minneapolis cop will spend behind bars.

Caitlin Owens, author of Vitals
43 mins ago - Health

The U.S. is approaching the vaccine hesitancy "tipping point"

Expand chart
Data: CivicScience; Chart: Axios Visuals

The U.S. will probably run out of adults who are enthusiastic about getting vaccinated within the next two to four weeks, according to a KFF analysis published yesterday.

Between the lines: Vaccine hesitancy is rapidly approaching as our main impediment to herd immunity.