24 June 2025: 09:30 BST
Back to the 60s! The ceasefire between Israel and Iran double tapped flat price after yesterday evening’s plunge. Having ended yesterday’s trading above $72, it dropped to open today at $69.60. We were talking yesterday about how the spreads also had to weaken from their inflated and bulked up position near $1.50 and we saw evidence of that today, as the prompt spread dropped to below a buck, reaching the Asian close at 92c.
The dust is settling as the market falls and teams are busy assessing the damage. We saw the bombardment of Qatar’s American base and even Iraq also reported drone attacks targeting military sites and bases. And now Israel’s reported missile launches from Iran and ordered its people to get to safe spaces! Iran denied firing missiles. And Israel vowed to retaliate with force. Some things are clear but there is a lot of misinformation about. But the narrative and the direction of the war has shifted, and we are in the de-escalation mode. This war is over, folks
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