Oil Falls as US-Canada Trade Talks Collapse Over the Weekend

Crude is lower this morning as the Treasury and White House pivot away from military strikes on Iran and toward economic sanctions instead. Separately, US-Canada trade talks broke down over the weekend at the final stage, with both sides now preparing tariffs. Support at 85.15, a key level going back to July 24th, has held so far, with the intraday range set between 84.10 and 86.78. Dan's still bullish on the longer-term fundamentals, but he's flagging two headwinds: the administration's incentive to keep prices lower ahead of the midterms, and the fact that we're entering a seasonally weaker stretch for oil.Oil barrels stacked on each other by Kalulu via iStock