Snapshot: WTI Crude is down sharply at 95.21, a -7.34 decline, driven by speculation of a US-Iran deal that could ease tensions and boost supply. The potential agreement is already weighing on prices, with WTI breaching the $100 level.
- Watch for a test of the 88.71 intraday low; break there confirms downside momentum.
- The ADP Non-Farm Employment Change at 08:15 ET could offer a short-term distraction, but geopolitical headlines will likely remain dominant.
Bias into NY: Bearish, with further downside risk to WTI towards the 88.00 level, as the market prices in a potential easing of supply constraints linked to the US-Iran situation. The weaker DXY at 97.79 is offering little support.