Trump Bombs Iran, Talks Peace, and Sends Oil Prices Tumbling

Brent slipped below $105 this morning following a flurry of headlines suggesting growing momentum in U.S.-Iran peace talks, only for Tehran to subsequently dismiss the reports. US Midterms Give Oil Markets a Brief Diplomatic Reprieve - The steep backwardation seen across global crude oil benchmarks has started to flatten as markets sought to digest news of Qatar-mediated talks between the US and Iran, with Dubai M1-M3 structure nearing zero this week. - As the Dubai cash-to-futures spread is routinely used to set Middle Eastern…