Physical easing. Iran risk easing. But Persian Gulf risk cannot fully fade before US war ships are pulled away

Traded down 3.

7% last week as Iranian risk faded a bit. Brent crude traded in a range of $65.

19 – 69.

76/b last week.

In the end it traded down 3.

7% with a close of $68.

05/b.

It was unable to challenge the peak of $71.

89/b from the previous week when the market got its first nervous shake.