Brent Dips Below $90 on Iran, Ukraine Diplomacy Hopes; Tanker Rates Signal Caution

Brent crude briefly fell below $90, extending a ~$30 drop since the US midterms, driven by hopes of diplomatic breakthroughs in Iran and Ukraine. However, persistently high VLCC freight rates from the Persian Gulf to China suggest the market is not fully pricing in an end to the US-Iran conflict, indicating a divergence between crude prices and physical shipping costs.

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