The diplomatic consequences are mounting for Saudi Arabia after the apparent assassination of journalist Jamal Khashoggi.

Oil traders are bullish in the shadow of pending Iran sanctions, with some projections suggesting a return of $100-per-barrel prices.

President Trump’s cozy relationship with Saudi Arabia failed to translate into a production hike from OPEC+ over the weekend.

Iran’s biggest customers are scrambling to secure alternative sources of oil supply.

In Vienna, OPEC+ displayed its greatest strength… and its greatest weakness.

Another attempt at Taliban talks in Afghanistan, Venezuela’s oil industry struggles to fulfil its contracts, and Turkey secures a YPG pullout from Manbij.

With their economic interests imperiled and domestic public opinion squarely behind them, EU leaders are looking into ways to save the Iran nuclear deal. However, good policy options will be few and far between, particularly for EU companies with high exposure to the US market.

Any rally that deviates from the laws of supply and demand is destined to be short-lived, and oil prices are no exception.