WTI crude is down a touch to around $92 but Brent is trading up 0.2% to $93.40 levels, with the latter even briefly touching $94 earlier in the day for the first time since 2014. In case you missed it, some impactful news from the weekend:
- Biden restores Iran civilian nuclear sanctions relief in sign of deal progress. Watch oil
- Oil - Biden took a step towards thawing relations with Iran over the weekend
Still, we are seeing oil prices hold up for the most part as buyers are hunting for an eighth consecutive weekly gain. That to me is a nervous thought as the run of gains here has been unrelenting, so any pullback could be a rather quick and sharp one. For now, it doesn't look like we've met that trigger yet but let's see what happens later in the day.
