Qatar Warns of Severe Risk to US Assets if Iran Talks Fail

Crude found some footing Monday after Sunday night's sharp gap lower, with dip buyers stepping in through the US session even though the bigger institutional flows never really showed up to confirm the move. The more important story came from Saudi Aramco's earnings, where the company flagged just how tight the supply and demand picture really is and warned that outages in refined products could be coming. The kicker is that global refineries are already running near full capacity, so even if more crude became available, there's little room to turn it into more usable product. Layer on Qatar's warning that US military assets in the region face serious risk if the Iran talks collapse, and this market has plenty of reasons to stay jumpy even while price action looks calm.Strait of Hormuz by artemegorovv via Shutterstock