Marex says Brent slides to USD 92.05/b as Iran-US deal hopes build

Marex Group plc

MRX

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Marex flagged a sharp oil pullback on Iran-US deal hopes, with Brent sliding to USD 92.05/b on May 29 from USD 126.41/b on April 30.
Markets priced in a potential 60-day MoU to ease tensions, reopen the Strait of Hormuz, start nuclear talks, extend a ceasefire.
Risk remains elevated as the US has not agreed to the document, while Washington imposed fresh Iran-related sanctions on May 28.
US crude inventories fell by 3.3 million barrels to 441.7 million barrels in the week ended May 22; another 9.06 million barrels left the SPR.
Product stocks tightened into summer demand, with gasoline inventories down 2.57 million barrels; distillates down 2.11 million to 100.8 million, a 23-year low.

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