- Market is set for big weekly loss as Middle East conflict concludes
- The WTI prompt-month contract rose $0.36 to $65.60/Bbl Friday morning
- The market has shifted it’s focus to U.S.-China trade negotiations and OPEC+’s meeting on July 6
- Commerce Secretary Howard Lutnick said both countries have signed a deal which included language regarding the delivery of Chinese rare earths to the U.S.
- The alliance is set to decide on crude production for August, with the potential to introduce further production quota hikes for a fifth consecutive month
- Iran-US nuclear talks in flux
- Following President Trump’s comments that the U.S would hold talks with Iran next week, Iran’s Foreign Minister Abbas Araghchi denied the Presidents claims that direct talks are scheduled to resume
- According to CNN, the Trump administration is considering the easing of sanctions to incentivize Iran to restart nuclear talks
- Lawmakers in Tehran voted in favor of suspending all cooperation with the International Atomic Energy Agency (IAEA)
- Araghchi also denied a request by United Nations inspectors to assess the extent of the damage to Iranian nuclear facilities bombed by the U.S. and Israel
- Hormuz closure fears have dissipated in oil option markets (Bloomberg)
- The oil options markets are now pricing in less than 4% chance of a major disruption in the Strait of Hormuz, according to Goldman Sachs analysts
- The peak was around 15% at the height of the Israel-Iran conflict
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