26 May 2025: 09:30 BST
Brent bounced its way through the Asian session through thin holiday liquidity, flirting with the $65 handle but largely failed to break convincingly higher. Despite Trumps optimism on “very good” US-Iran talks, we are still awaiting any sort of break through. On Friday Iran reiterated that they would not concede on uranium enrichment for domestic use, but nevertheless, Trump said to upon his return “I don’t know if I’ll be telling you anything good or bad over the next two days, but I have a feeling I might be telling you something good.” Oh and Trump’s decided to postpone the threatened 50% EU tariffs until 9th July. For now at least, the market is in wait and see mode. Who can blame traders for not reading too much into the Trump-talk, they’ve been burned in the past for that. Crude remains somewhat supported, at least if you look at Brent flat price, which closed at $65.08/bbl up $1.15 on the day. And Brent structures too, with front spreads still robustly backwardated at 63c.
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