[MARKET ANALYSIS] Crude benchmarks dip as Trump plans to meet with Iranian officials

• 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.

Crude benchmarks are experiencing downward pressure, primarily due to President Trump's announcement of potential talks with Iranian officials, which signals a possible easing of tensions that could affect supply dynamics. This shift comes as the dollar strengthens, compounding the decline and suggesting that if diplomatic efforts succeed, we could see further impacts on crude prices and overall market sentiment in energy and related assets.