Strong Evidence Confirms Seriousness of US-Iran MOU Amid Doubts and Challenges
Reuters: Spot Oil Premiums Slip to Pre-War Levels after Deal, But Shipping Angst Provides Floor
Summary
Asian crude and refined product markets have largely retreated to pre-war pricing levels following a US-Iran agreement to end the Middle East conflict. Spot premiums for Dubai crude, diesel, jet fuel, naphtha, and fuel oil have fallen sharply as additional cargoes from the UAE, Kuwait, and other exporters improve supply expectations. However, uncertainty over how quickly shipping can safely resume through the Strait of Hormuz and elevated war-risk insurance costs continue to support prices above pre-war norms. Bellow is a presentation of evidence that the MOU is serious with fears of third party interferences.