Crude futures pull up from Friday's prewar levels following weekend exchanges between the U.S. and Iran, although tension eased with the planned resumption of talks. "The risk premium in oil has come down quite a bit," says Tortoise Capital senior portfolio manager Rob Thummel. While conditions are subject to change any time, the market is currently perceiving that flows through the Strait of Hormuz will continue for an extended period, he adds. Even when flows normalize, prices are likely to see support as depleted reserves need replenishing. "We'll need to have an oversupply in the oil market just to build back inventories, for a while," Thummel adds. WTI settles up 2.2% at $70.75 a barrel and front month Brent rises 1.6% to $73.15 ahead of tomorrow's expiry. ([email protected])