US-Iran Deal Sparks Crude Price Declines
Crude oil futures are trading lower as optimism grows about a potential US-Iran deal. The agreement, which has not yet been finalized, could see tensions in the Strait of Hormuz ease, leading to increased oil flows.
The news has put downward pressure on crude prices, with some analysts warning that physical markets and ongoing stock drawdowns leave the market vulnerable to further declines.
Saudi Aramco has expressed confidence in refining margins remaining strong through the second half of 2026, but Goldman Sachs has reiterated its $80/b call on Brent.