Citi says it expects commodities systematic curve-carry strategies to keep recovering as oil prices trend lower over the next 6-12 months

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US Secretary of State Rubio says we hope to reach a final agreement with Iran, but not at any price, and are now entering a new phase that hopefully leads to peace

Citi says asset allocators remain pro-risk but cautiously optimistic, trimming equities, rates and credit while staying constructive on AI-driven growth

Citi says it expects commodities systematic curve-carry strategies to keep recovering as oil prices trend lower over the next 6-12 months

Iran's Revolutionary Guard says the only permitted route for passage through Hormuz is the one announced by Iran

Senior Iraqi Oil Ministry official says the nation will consider all available options if its OPEC quota is not significantly increased; have considered the idea of leaving OPEC, current plan is to remain and gain higher quota

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  • Adds that a major de-escalation is the new base case, and any temporary summer oil-price rally is viewed as a rally to fade and potential entry point for curve carry

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