This headline caught my attention yesterday:
"Iran's President Pezeshkian and Iran's Parliament Speaker Ghalibaf are dissatisfied with the manner in which diplomacy is being conducted, particularly the nuclear negotiations, by Abbas Araghchi, and are calling for his dismissal - Iran International, citing two informed sources."
I then said this in our internal chat:
"I woke up this morning thinking that re-escalation is highly likely, imminently, for obvious (headline) reasons... The above however is telling; if true, Iran could be close to rolling over on the enrichment standoff... That would do the trick."
Then we get this today:
"Iran handed new proposal to Pakistani mediators to end the US-Iran war, contents unclear."
While that last headline sorely lacks detail, oil rolled over (down 3% as I type) on its release... Suffice to say that the market sees Iran submitting terms, amid the US's firm stance on uranium enrichment, as potentially significant... Time will tell.
In the meantime, here's your brief PWAI morning rundown... I'll have much more for you on the macro front over the weekend:
