Crude oil has fallen 26% from its peak war fear and unless the Strait of Hormuz doesn’t remain open it looks unlikely to trade back above US$90 in the foreseeable future. Theres a lot of water to go under the bridge in the negotiations between the US and Iran which already experienced a volatile weekend between the two but it does appear the oil will continue to flow despite a few unnerving headlines.
- No change, we can see Sept’ Brent Crude consolidating around the US$80 area as a deal is negotiated.
MM is neutral bearish towards Brent Crude around US$80
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