15 May 2025: 16:30 BST
After a violent morning that sent front month Brent down all the way to $63.55/bbl, Brent felt a sense of reprieve throughout the European session, retracing some losses to close at $64.26/bbl. Everyone gets excited about resolution, especially after last weekend’s trade deal with China. But really progress is often slow, and while we have heard positive noises, we still await the paperwork to back it up, even if concerns about demand destruction by tariffs are massaged. One the supply side, the claims of progress between the US and Iran are playing their part too. No matter how impotent sanctions against Iran have proven in terms of restricting its exports, the prospect of unfettered Iranian supply back on the global market had the longs on the run! The easing of the sanctions would broaden demand and lower transhipment costs.
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