"Participants remained on tenterhooks yesterday, focusing almost squarely on incoming geopolitical news flow, as attention remains on the potential for an Israeli response to Tuesday's missile barrage launched from Iran."
"The primary concern for markets continues to centre around whether said response will include attacks on Iranian oil infrastructure, as well as whether a further escalation in tensions will see other regional players drawn into a wider conflict."
"For the time being, extremely elevated geopolitical tensions are likely to keep a floor under prices. However, the demand side of the equation remains particularly shaky, most obviously due to ongoing downside economic risks emanating from China."
"Short crude right here would be akin to picking up pennies in front of a steamroller, though my medium-term bias is still a bearish one."
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