Crude oil was looking increasingly confident that the Strait of Hormuz will be reopened sooner rather than later -it was correct! This morning Pakistan has declared that the US and Iran have reached a peace deal which should see further weakness in crude and knock on strength in risk assets.
- No change, we can see Sept’ Brent Crude testing the US$80 in the coming weeks, or even today, as the US-Iran conflict finally gets resolved.
MM remains bearish towards Brent Crude around US$86
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