Brent: Pullback from recent peak tempers yields – Danske Bank

Finance

Brent: Pullback from recent peak tempers yields – Danske Bank

Danske Research Team highlights that Brent Oil has eased from a recent high near USD 100.5 per barrel to around USD 98. The move is described as limited, but sufficient to take some pressure off US Treasury yields. They suggest that Oil-driven rate volatility has moderated slightly in the latest session.

Price eases back below recent highs

“In the US-Iran war, Iran condemned the US attacks on Iranian vessels and missile launch sites on Monday evening, arguing that they were a violation of the ceasefire. Irans Revolutionary Guard reserved the right to retaliate.”

“Despite the escalating tensions, back-channel talks between the two sides appear to continue, with both parties believed to be seeking a diplomatic resolution.”

“Signs of normalisation are also emerging domestically, as Iran began restoring public internet access after one of the worlds longest nationwide blackout periods.”

“Brent oil is declining somewhat overnight from yesterdays peak of USD 100.5/bbl down to USD 98/bbl”