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Brent Falls Below $115 on Tehran Diplomacy — But the Physical Market Hasn't Moved
Saudi, Turkish and Pakistani officials meet Iran in Tehran today while Houthi attacks on Saudi energy infrastructure continue and the Strait of Hormuz stays shut. The IEA now says 2027 will not be a year of normalisation. For Nigerian UCO exporters the squeeze arrives from both ends: firmer freight and insurance on one side, a European feedstock bid that has stopped tracking diesel on the other.
The skinny
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