04 February 2025: 16:30 GMT
Prices rocketed up in a straight line to the heavens after a technically erroneous media headline blared that Trump would apply Maximum Pressure on Iran. ‘Look at that,’ said observers in disbelief as the price climbed up over two dollars in minutes. Everyone got excited, charging about in mad panic but it turns out the report was misleading; he only intends to sign a memorandum, not an executive order… for now at least. Into the window, flat price turned back and declined to close at $76.09/bbl. But the difference between an error and reality was razor thin as players tried to discern the merits of an executive order and a presidential memorandum. ‘The Man’ is angry after being wound up by bud Netanyahu. Before that, Brent struggled to hold above $75 for much of the morning, dipping below then scrambling back above repeatedly. After lunchtime, it plunged deep blow the $75 handle. By mid-afternoon, dipping below $74 looked plausible.
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