Snapshot: WTI crude is trading at $89.79, up 0.94%, supported by ongoing uncertainty regarding a potential US-Iran agreement. Focus shifts to the 10:00 ET ISM Manufacturing PMI and Prices Paid data for further direction.
- A break above the day’s high of $91.25 could trigger further upside.
- Risk of a pullback if ISM data misses expectations, exacerbating risk-off sentiment.
Bias into NY: We favor further upside in WTI towards $92.50, contingent on a supportive ISM print, as geopolitical risks continue to underpin prices. However, a stronger dollar (DXY at 99.06) could temper gains.