Snapshot: WTI Crude is up 0.94% at $89.79, rebounding from six-week lows, driven by persistent uncertainty around the US-Iran agreement and ongoing attacks on Russian refineries. The ISM Manufacturing PMI at 10:00 ET will be the key catalyst for further direction.
- WTI breaking above $90 will signal further upside potential, targeting intraday highs of $91.25, but a failure to hold those gains suggests consolidation before the US open.
- Watch for headlines on the Iran deal; any concrete progress towards a ceasefire could trigger a sharp sell-off, reversing the recent gains.
Bias into NY: Bullish, given the supply concerns from both Iranian tensions and Ukraine’s actions against Russian refineries, though a stronger dollar (DXY at 99.01) and lower US yields (10Y at 4.450%) are moderating factors. A break above $91.25 would open the door to further gains.