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Is the oil crisis coming to an end?
A few updates:
1️⃣ At 12:40 AM, the Iranian president made a statement: they are willing to cease fire if there is a "guarantee." Oil prices immediately plummeted.
2️⃣ Trump followed up saying negotiations are going smoothly, and oil prices dropped further.
3️⃣ Trump said he will give a televised speech at 9 AM Beijing time on Thursday (usually he only speaks on TV when he wants to take credit).
So Taco is here, and the market has completely changed:
- Dow +2.49%, S&P +2.91%, Nasdaq +3.83%
- Gold prices quickly recovered to $4,500 and $4,600
Oil prices plunged, and the US dollar index fell below 100.
⚠️ But the data is a bit strange:
- Both WTI and Brent crude oil are still above $100.
- In the first hour of Wednesday’s Asian trading session, WTI even initially moved upward—indicating that everyone is reacting to the news, not a confirmed reversal.
What’s certain is that the most dangerous period is over. We are waiting for the televised speech tomorrow morning, and I will provide an analysis as soon as it happens.