Brent Falls 7% as Trump Calls Off the Strike on Iran

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In Today's Note

• Brent fell as much as 7.3% to $81.55 in early Asian trade after Trump cancelled a planned strike on Iran and set talks for Monday, unwinding part of a 24% July rally. OPEC+ separately added 188,000 b/d for September, completing the unwind of its 2023 curbs.

• The SEC paused Nasdaq PHLX's cash-settled bitcoin index options while it weighs CME's jurisdictional challenge, and Michael Saylor signalled Strategy may resume buying after five weeks without a purchase. BTC trades near $62.5K, down 2% from Friday.

Market Snapshot: Overnight Moves

Macro & Markets

• Oil market volatility continues, with Brent crude falling as much as 7.3% in early Asian trade to $81.55 per barrel, while WTI dropped close to 6% to trade below $80.

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