BREAKING: WTI Oil just dropped 4% from the day high and is now trading below $112 as Trump's 8PM deadline approaches.
US futures have turned positive as well. There are 3 possible outcomes:
DEAL AND CEASEFIRE: Oil drops hard and Equities rally. And This is what markets appear to be pricing in right now.
ANOTHER EXTENSION: Oil stays volatile but no crash. Uncertainty premium stays in the price. Another week of the same cycle.
NO DEAL, WAR CONTINUES: Oil starts another rally and Equities sell off. This is the scenario nobody is pricing in right now.