Will Oil prices continue mirroring the 1990 Gulf War analog?
Source: The Chart Report
Recurring Deal-Making Pattern: Markets, Denials, and Strategic Timing
A familiar strategy emerges: in April 2025, yields rose and Donald Trump signaled a China deal, denied by China before confirmation weeks later. Now, similar dynamics appear with Iran—denials, market pressure, and rising yields suggest ongoing hidden negotiations. This “denial phase” implies continued volatility, conflicting headlines, and delayed market stabilization as leverage is maintained until agreements finalize. Source: The Kobeissi Letter, CNBC, WSJ
This is notable news from Bloomberg given Apollo's standing in private credit:
"Apollo Global Management Inc. is curbing redemptions from one of its largest non-traded private credit funds for retail investors, becoming the latest alternative asset manager to grapple with a surge in such requests. The $25 billion business development company, Apollo Debt Solutions, capped withdrawals at 5% of outstanding shares Monday after clients sought to redeem 11.2%." Source: Mo El Erian on X, Bloomberg
Fear index Vix tumbles w/oil on Trump’s softer Iran tone. Reality check: both still elevated vs. pre-war. This isn’t calm – it’s just less panic.
Source: HolgerZ, Bloomberg
Suspicious $580M Oil Trades Precede Trump Announcement, Raising Insider Concerns
$580M in oil futures (Brent, WTI) were traded minutes before Donald Trump announced “productive talks” with Iran, triggering falling oil prices and rising global stocks. The timing fuels insider trading concerns, as unusual volumes and market moves appeared before public news. Experts call it abnormal, echoing past suspicious trades. The White House denies wrongdoing amid growing investor concern. Source: Financial Times (FT)
The S&P 500 $SPX is back inside the "eternal" range as the max frustration market continues.
Amazingly enough, the 6600/7000 (futures) range continues to hold. Note we are still below the 200 day MA. Source: TME
Goldman Sachs has raised its oil price forecast for the rest of this year, betting on a longer disruption to flows through the Strait of Hormuz.
Oil to average $85/$79/bbl for 2026 (up from $77/72 Brent & WTI), and $80/$75/bbl for 2027. Goldman Sachs. Source: Open Square Capital
Gold has been slightly more oversold on a few occasions over the past decade.
Daily RSI at 24 is extreme, but as we all know, oversold tends to stay oversold for longer than most think possible. Source: TME
