Crude oil rallied harder than we expected last week as the US-Iran War went from bad to worse, and nothing improved over the weekend with the US now sending more warplanes to the Middle East, with Tehran causing a severe threat to passage through the Strait of Hormuz and vowing not to let oil pass through without coordination and permission. Unfortunately, its feeling like the Mexican stand-off is going to get worse before it can get better putting huge pressure on President Trump ahead of the November mid-terms.
- We can see crude oil rotating in the US$85-90 region over the coming days as the conflict plays out.
MM is neutral towards Brent Crude around US$88
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