Brent: Oil climbs on Middle East tensions – Deutsche Bank
Deutsche Bank’s Early Morning Reid highlights renewed upside in Brent Oil as US-Iran negotiations show little progress and Iran refuses to soften conditions on reopening the Strait of Hormuz.
Deutsche Bank's Early Morning Reid reports a renewed upturn in Brent Oil prices due to escalating tensions in the Middle East. The US and Iran have shown little progress in negotiations, and Iran has refused to relax conditions for reopening the Strait of Hormuz. As a result, Brent oil is trading above $107 this morning, following a slight weekly increase.
Deutsche Bank attributes these movements to Middle East risks and the evolving headlines surrounding US-Iran talks. Although US-Iran dialogue could restart this week, there are no indications of a breakthrough from the weekend. This news has led to an increase in 10-year US yields and a 4.6% rise in 2-year yields.
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