Risk Premium Evaporates

The 14-point memorandum includes immediate de-mining of key shipping lanes. As the first civilian tankers were cleared for passage this morning, the fear of a permanent supply disruption has vanished from the market.

Demand Focus Returns

With the war narrative fading, traders are refocusing on global economic data. While US summer demand remains a floor, the return of Iranian and Iraqi barrels to the water is expected to rebalance the global market rapidly.