Oil just swung $6 a barrel in three hours on a single unconfirmed headline
Brent crude hit $111.97 early this morning, near a five-month high, then plunged to $105.95 after Qatari-owned outlet Al Araby Al Jadeed reported that Qatar and Pakistan had brokered a US-Iran "compromise proposal" with preliminary approval from both sidesWTI December futures made the same trip, from $101.37 down to $95.25The reported terms were tiny. Iran would get the interest on $6 billion of frozen funds held in Qatari banks, and in return would allow a secret, unannounced IAEA inspection of its nuclear sitesThen a person involved in the talks said negotiations are continuing but reports that a deal is close are wrongBrent is now back above $108 and WTI back above $97, while the 10-year Treasury yield that dipped to 5.07% on the deal hopes is back near 5.10%This is a market with almost no cushion left. The US Strategic Petroleum Reserve is at its lowest level since 1982, at least 18 ships have come under fire around Hormuz in two weeks per Kpler, and Trump has pledged no new strikes before the November 3 midterms. With supply this tight, every headline out of Tehran is a $6 coin flip, and traders are pricing rumors faster than anyone can confirm themSource: StockMarket.News






