Overview

• President Trump has delayed a final decision on striking Iran for up to two weeks to allow space for potential nuclear negotiations.
• Global benchmark Brent crude slid to $76.07 per barrel and U.S. crude dropped to $74.30 after the announcement.
• Israel intensified its strikes on strategic and government targets in Iran following an Iranian missile that hit a southern Israeli hospital.
• Goldman Sachs analysts estimate a 65 percent chance of U.S. intervention in Iran by July and say OPEC+’s spare capacity is helping to cap supply disruptions.
• Tanker shipping rates around the Strait of Hormuz have climbed on elevated risk premiums even as Iran discounts its crude by about $3.50 per barrel below ICE Brent to Chinese buyers.