25 June 2025: 09:30 BST
Square one. It’s a comforting place. You know where you stand. Maybe it’s around a negotiating table again for the US and Iran, following their well-mannered de-escalation earlier this week. Whether or not Trump’s bombing actually destroyed Iran’s nuclear facilities (even the CIA said the damage at Fordow was minimal), he’s certainly quick to claim it as a win, even despite Iran sauntering out of cooperation with the IAEA and being able to continue unfettered oil exports. Credit where credit is due, Trump can rightfully claim that he stopped the shooting between Israel and Iran. Well done! He needed a win as his diplomatic scorecard hasn’t been looking pretty since he came into office. But hey at least he’s got cheap oil again.
According to conversations with market sources, as the under allocation by Adnoc filters through the system, buyers are physically short on the number of barrels received and this causes issues on their refining systems which were counting on the cargoes. And critically the hedges are losing money big time, ‘it is a $12 million loss,’ said a source. Lawsuits are launched through the chain – likely to hit even Adnoc-said equity sources.
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