Oil Traders Stay Bearish Despite Deepening Middle East Disruptions ↗

Despite continued hostilities in the Middle East and an expansion of the war to the Red Sea, oil traders have remained largely bearish on the commodity, betting on a quick peace deal—and they might get a nasty shock. Earlier this week, Brent crude sank below $80 per barrel, and WTI dropped below $75, after President Trump said peace talks between the United States and Iran had resumed, even though Iranian officials denied there were any talks in progress. However, Iran is negotiating a deal abou…