Commodities
US, Iran Hopes Spark Sharp Brent Price Drop
Brent crude futures dropped sharply to $85.87 per barrel on July 27th as hopes of a US, Iran conflict resolution improved.
US President Donald Trump stated that Washington was engaged in 'good talks' with Tehran and that a deal to resolve the conflict was possible, although he warned that US military strikes could resume if negotiations failed.
The Brent contract still maintains a cumulative appreciation of around 20% in July alone, despite the significant drop. Market participants will remain focused on the trajectory of US, Iran negotiations and the conflict between Saudi Arabia and the Houthi group.