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

-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 differentials, the flattening of the forward curve suggests differentials across Asia should be coming down soon. - Whilst freight from inside the Gulf remains prohibitively high, rates from the US-controlled Gulf of Oman have been edging lower with a voyage to China currently assessed at around $17 per barrel, down $6 per barrel from a month ago.