๐ข 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.
โ๏ธ @venture
๐ข Oil Markets Trade on Rumors Brent crude swung from $111.
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