Cyclone premium

ICE Brent prompt contract recovered to 67.1 $/b on early Monday, as a potential cyclone formation in the Gulf coast could have an impact on oil infrastructure. Yet, prompt time spreads remain below 10 cents, not indicating that current fundamentals are tight. The Iranian nuclear deal revival’s timeline was also challenged by European diplomats, as the 3-month monitoring deal between the UN and Iran expired this weekend, limiting access to footage of the Iranian nuclear sites.