UK/EU Session Update: Brent
#oil
Pop goes the hope trade oil.
It's looking less likely that any sort of resolution is happening between the US and Iran, so the hope trade is deflating at a rapid clip.
In fact, there's been a headline from the Iranian side that they are ready for a new round of war, and may that expand to the "Indian ocean, or elsewhere".
Oil's rallied strongly on that and other negative headlines (ignore the contract roll gap).
100.70-101-12 is a bnit of a traffic area but without any good news, and if things turn sour, we're going to be back at 104/105 pretty quickly, and likely heading higher.
The market had been happy selling rallies for the last week or so, and now it looks like it favours buying dips.
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