[MARKET ANALYSIS] Crude benchmarks dip as Trump plans to meet with Iranian officials
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- Crude benchmarks started the Asia-Pac session on the backfoot, partially driven by the stronger greenback, but primarily by comments from President Trump, who said he plans to have talks with Tehran and hopes the US do not have to use the big, powerful ships. WTI dropped to a trough of USD 64.30/bbl following the potential Fed Chair announcement reports re. Warsh, before immediately paring back the entirety of the move. Around 30 minutes later, on the Trump comments, prices steadily dropped, and WTI hit a low of USD 63.65/bbl. Benchmarks have since consolidated in a broad c. USD 1.00/bbl range.
- Earlier, Ukrainian President Zelensky said that Ukraine will not strike Russian energy infrastructure, as long as Russia does the same. However, this didn't spark any move in crude benchmarks.
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