Snapshot: Brent is seeing pressure near $110 after Trump announced the shelving of military strikes against Iran and hopes for negotiation resumption; fresh waiver for Russian crude sales adding to supply. The Canadian CPI data due at 08:30 ET will provide an early steer to risk sentiment.
- A break below $108.50 would signal further weakness.
- Watch for further headlines regarding US-Iran negotiations; stalled talks could quickly reignite supply fears.
Bias into NY: Downside favoured, with the geopolitical backdrop easing supply concerns. A test of $107 looks likely if risk-off sentiment persists, driven by broad USD strength and higher real yields.