The Middle East war remains the dominant fundamental condition. There continues to be some indication that market participants are hopeful of a resolution soon. The May WTI contract settled near $111.55 last week, which appears to build in the risk of near-term escalation, but the June contract settled close to $98. The September contract is below $78. The US S&P 500 rose for the first time in six weeks. Benchmark 10-year yields in the US and Europe eased. Still, the firing of three US army generals and new attacks on Middle East infrastructure warns that further escalation seems likely before de-escalation. The week ... (full story)