- Oil trades lower by more than $1 to $84.15, heading for a third consecutive daily loss
- The move lower in oil prices comes despite a weaker US Dollar after Fed chairman Powell said they may not cut rates this year if inflation remains sticky
- WTI call option volume has surged to the highest level since November, led by September 2024 $100 call options
- The API is forecasting a build of 4.1 MMBbls in today's EIA inventory report
- Saudi Arabia and UAE warn of dangers of conflict escalation (BBG)
- Saudi Arabia and the UAE called for maximum “self-restraint” in the region to avoid a further escalation of conflict in a joint statement
- This comes as Israel weighs a response to Iran’s attacks over the weekend
- The risk of a wider regional conflict is adding to the geopolitical risk premium in crude prices by risking a disruption to supply