Brent gapped down on the open on Monday as a chunk of geopolitical risk was removed following a bearish market reaction to Israel’s attack on Iranian military bases. US-backed ceasefires continue to bring some hope, and geopolitical tensions are semi-resigned to the backburner of public attention. Betting sites show Trump’s next presidency at a 65% sure thing, although national polls are pretty tight. With a week until the big day, the US has been focused on establishing who is and is not ‘garbage’. The moral highpoint surrounding Trump’s comedian’s Puerto Rico gaffe dropped like SMCI stocks as Biden had his very own garbage gaffe. Macro releases from the States are pretty murky and seem a step away from the clean, soft landing that was discussed. More polls indicate an even split from ‘analysts’ as to whether OPEC will return the promised/threatened December barrels. The return being in question, let alone out loud, seems far from a good thing.
