THS LIVE | Brent Jumps to $112, Then Drops on Iran Deal Reports as Nasdaq Pops To 2.3%
Oil just whipsawed on a headline. Brent spiked to $111.99 on Tuesday, then reversed and settled at $108.79 when a Qatar and Pakistan "compromise proposal" hit the wires, and Iran fired back that reports a deal is close are wrong. The IRGC says two tankers were set ablaze by its mines, and Kpler counts at least 18 vessels hit in two weeks. Here's the strange part: stocks don't care. The Nasdaq 100 is up 2.3% from Friday's close, the VIX sank from 20 to 16.65, and the 10-year is still parked above 5%. Then the UK printed 3.5% inflation against 3.4% expected, and the Bank of England is eyeing a hike. Is the market pricing peace or ignoring a lit fuse? We get into it live at 11.
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🔗 Resources:
UK Inflation Hits 11-Month High as Bank of England Eyes Rate Hike (Bloomberg)
U.K. Consumer Price Index (YoY) For September 3.5% Vs. 3.4% Est.; 3.1% Prior (Bezinga)
Oil prices fall as traders hope for diplomatic progress in Middle East (CNBC)
Iran Rejects Report That Deal Is 'Close' After Qatar, Pakistan Push 'Compromise Proposal' To End War (ZeroHedge)
Oil Prices Climb Above $110 as Middle East Supply Fears Persist (Yahoo! Finance)
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