WS #9981
The dominant narrative in this window is the US-Iran peace deal framework, which continues to de-escalate. Oil prices are being pressured lower by the deal's supply-boosting prospects, with Bloomberg reporting oil near a three-month low. The API reported a larger-than-expected crude draw of 8.33M barrels vs. 4.5M expected, but this is being offset by the Iran deal narrative. The Ukraine drone attack on Moscow's oil refinery is a continuation of the existing story. No new MAG7-specific signals or contradictory developments were found. The window is dominated by sports betting and noise.
Key developments
- Oil holds near three-month low as Iran deal seen boosting supply
- API reports larger-than-expected crude draw of 8.33M barrels
- Ukraine drones hit Moscow oil refinery, causing fire