Traders Bet Iran Still Wants Peace, Oil Pulls Back

Overnight, the US followed through on Trump's promise and struck Iranian military infrastructure, with reports of LNG tankers docked in Egypt also getting hit. By most measures that should send crude flying. Instead, it's moving lower. The market's read is that these strikes and the militia attacks that triggered them don't reflect Iranian leadership's actual appetite for peace, so traders are treating this as noise rather than a real break from the ceasefire track. Risk still skews to the upside, but this is one of those mornings where price action and headlines are telling two different stories.Satellite view of the Middle East and the Strait of Hormuz with Iran highlighted_ Image by FoxPictures via Shutterstock_