Energy Update - Morning Express - Blue Line Futures

Despite last weeks escalation, the US and Iran reportedly signed a "Memorandum of Understanding" to reopen the Strait yesterday. The memorandum, extends the current ceasefire for 60 days and does not formalize any agreements on Iran's nuclear program, economic sanctions, or payments from the US. Despite the agreement, Israel struck southern Lebanon yesterday, leading to a rebuke of Netanyahu from Trump. While the memorandum formally agrees upon nothing, it does take some tail-risk out of the market and certainly makes sentiment a headwind for the bulls.Oil tanker in open sea by StockStudio via Shutterstock