Oil prices were lower today trading down as Middle East tensions eased. “You’re seeing the geopolitical risk premium leak out again today because of no new escalation in the Israel-Hamas situation,” said John Kilduff, partner at Again Capital LLC. “A ceasefire or hostage negation release would take out even more risk premium.” U.S. monthly inflation rose moderately in March, putting a damper on expectations of rate cuts in the near future. Lower inflation would have increased the likelihood of rate cuts, which tend to stimulate economic growth and oil demand. A stronger dollar makes oil more expensive for those holding other currencies. Additionally, the oil market was looking forward to the monthly U.S. nonfarm payrolls report, which is due on Friday and closely watched by the Fed. WTI traded down $1.22 or -1.5% to close at $82.63. Brent traded down $1.10 or -1.2% to close at $88.40.