Snapshot: Brent is under pressure following reports of potential progress in US-Iran negotiations, with prices hovering around $109/bbl. The key event to watch today will be the release of the FOMC Meeting Minutes at 14:00 ET, which could further influence risk sentiment and the dollar.
- Watch for further headlines regarding Iranian oil supply; a confirmed deal would likely pressure Brent further.
- Risk sentiment around the FOMC Minutes at 14:00 ET may either amplify or counter the Iran headlines.
Bias into NY: Expect further downside pressure on Brent Crude as markets cautiously price in the potential for a US-Iran agreement; a break below $107.50 would open the door to further losses.