Brent: Pullback on US-Iran talks – ING

ING strategists Warren Patterson and Ewa Manthey note a sharp correction in Brent, with ICE Brent dropping 7.6% and falling back below $105/bbl as hopes for US-Iran talks grow ahead of US midterm elections. They highlight that strong signals of peace progress would imply further downside, with a sizeable risk premium still embedded given robust Persian Gulf oil flows.