It was helped in no small part by a report in the Wall Street Journal claiming that the Iranians - battered by precision Israeli bombing that began on Friday - were keen to get back to the negotiating table to end hostilities and resume discussions over its nuclear program.
It meant the Brent futures rally slowed quite significantly with the global proxy benchmark sliding below $75 per barrel instead of heading toward $80-levels. The report was met with some scepticism but it needn't have been.
In fact, informed sources both in Qatar as well as the UAE tell yours truly that Tehran is asking its Arab intermediaries to broker a cooling down of the daily barrage of attacks with much more fervor than the story suggests, provided the US doesn't join Israel in its campaign against Iran.
Traders took the cue from that, much to the consternation of market bulls. That's because were market sentiment to switch from "Israel is now attacking Iran's oil facilities" back to the negotiating table, normal market fundamentals would start applying, and that would mean even $70 levels would not worth holding on to.
More musings to follow soon folks. Keep reading, keep it here, keep it 'crude'!
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