Oil Gives Back Iran Premium As Glut Narrative Reasserts Itself

Authored by Michael Ball, Bloomberg macro strategist,

Crude fell Monday and is holding at those lows today as the Iran tail risk gets repriced lower and traders turn back to worries about a glut, even if near-term supply still feels tight.

Front-month WTI dropped more than 5% at one point after President Donald Trump said the US is talking with Iran.