Snapshot: WTI Crude is trading at $90.21, down 5.86% on the session, driven by reports of a potential Middle East peace deal that could ease supply concerns. The market now awaits the 08:30 ET US Unemployment Claims release, although geopolitical news flow is likely to remain the dominant driver.
- A break below $90.00 in WTI could trigger further selling pressure.
- Watch for confirmation or denial of the peace deal from official sources; Trump’s cautionary comments introduce uncertainty.
Bias into NY: Bearish, with potential for further downside to $88.00 if the peace deal gains traction, while a DXY hovering near 97.70 provides only limited support. We see risk tilted to further selling pressure given elevated geopolitical risk premia.