Oil prices retrace higher as Mideast conflict continues
Energy prices are ratcheting higher once again as fighting in the Middle East rages unabated, suggesting that President Donald Trump’s efforts to find a diplomatic off-ramp have not met with success thus far. Brent crude is trading above $100 a barrel, West Texas Intermediate is clinging to the $90 threshold, and European gas benchmarks are climbing, reversing yesterday’s retreat* which came after the president claimed “productive discussions” were underway to end the conflict—only to be contradicted by Iranian officials later in the day**. This morning, Treasury yields are little changed, equity futures are pointing to modest gains at the North...