Oil prices have jumped on this headline and stocks are at the lows of the day. The latter was already underway but the oil price jump was more noticeable.
The market is acting like this was some kind of averted Pearl Harbor when it was probably a drone miles away. I wouldn’t get too excited about this. The report says it was shot down by a fighter jet, so it likely wasn’t even in range of the aircraft carrier, which was the Lincoln.
Talks with Iran are still scheduled for Friday. Along those lines, Iran only wants the scope of the talks to remain on the nuclear file and does not want direct participation of regional countries.
Axios reports: Iran has demanded changes to the venue and format for negotiations with the US this Friday, two sources with knowledge tell Axios. The Iranians want to move the talks from Istanbul to Oman & want to hold them in a bilateral format, only with the US
WTI crude oil rose about 95 cents on the drone headline and crude is now up more than $1.40 on the day. Like I wrote last week: It’s never wise to chase a geopolitical move. You saw what can happen on Monday.
WTI daily
