Both ICE Brent and NYMEX WTI continue to trade in a narrow range this morning as Middle East tensions have eased, while the Federal Reserve has signalled it might keep the rates higher for longer raising demand concerns. Recent reports suggest that both Iran and Israel consider the current operations concluded against one another, with no follow-up action required for now. Meanwhile, the US and Europe are preparing for new sanctions against Iran – although these may not have a material impact on oil supply in the immediate term. Timespreads continue to signal strength, with Brent prompt spread trading in a ... (full story)