Oil reacts to Trump's rejection of peace deal with Iran

Filed 1h ago · Via NV · The Buffoon Desk

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Bushwick Tarantella

Kevin MacLeod · incompetech.com · CC BY 4.0

Photo: European Parliament · CC BY 2.0 · via Wikimedia Commons

Brent crude rose more than 2%, to $106.92 a barrel, and WTI climbed to $94.49 after President Trump rejected a peace proposal from Iran meant to end their conflict and reopen the Strait of Hormuz, Reuters reported. Iran had floated the plan last week at the UN General Assembly via Qatari mediators; Trump told Axios he expects more negotiations this week regardless.

Analysts pointed to continued Houthi and Iranian attacks on Saudi Arabia as keeping regional supply risk elevated, while a Saudi-led coalition said it intercepted two ballistic missiles and two drones aimed at the kingdom. Middle East crude exports actually hit their highest level since the war began, 12.8 million barrels a day, as Saudi Arabia and the UAE ramped up output.

Separately, U.S. diesel prices are at record highs, fueling talk of an export ban that traders worry would tighten European supply further. Trump has previously said the U.S. would destroy a bridge or power plant for every Iranian attack on a vessel in the Strait of Hormuz.

The full dispatch is available from the source below.

✒ FROM THE EDITORIAL DESK

Markets don't wait for a ceasefire to be real, they just price in whoever said no last. Turning down a peace deal and then promising more talks next week isn't a strategy so much as a man wanting to keep both doors open at once. Whatever this is doing for leverage, the diesel truck driver paying record prices doesn't much care which door gets used.

Source: Read the original at NV → Scored: Bushwick Tarantella · Kevin MacLeod · CC BY 4.0

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