Energy
Oil prices dropped more than 1% after Trump confirmed ongoing nuclear/diplomatic talks with Iran, raising the prospect of sanctions relief and increased Iranian crude supply hitting the market. The second-order setup is bearish crude and pressures high-cost producers and oil services names if a deal materializes and supply glut fears re-emerge.
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↓ SHORT-4% target+3% stop2-4 weeks or until Iran deal collapses
Short USO / fade XOM and OXY into Iran deal headline risk — bearish crude setup as Iranian supply overhang grows.