**Oil Markets Trade on Rumors**

**Brent crude swung from $111.97 to $105.95 in three hours** on one unconfirmed headline. WTI December futures made the same trip, falling from $101.37 to $95.25.

The report said Qatar and Pakistan had brokered a US-Iran compromise. Iran would receive interest on **$6 billion** of frozen funds in Qatar in exchange for a secret IAEA inspection. A person involved in the talks then said reports that a deal was close were wrong. Brent recovered above $108, while WTI moved back above $97. The 10-year Treasury yield also returned near 5.10% after dipping to 5.07%.

The market has little cushion. The **US Strategic Petroleum Reserve is at its lowest level since 1982**, at least 18 ships have come under fire around Hormuz in two weeks, and Trump has pledged no new strikes before the November 3 midterms. Every headline out of Tehran is now moving oil before traders can confirm it.

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