Oil prices fell as Trump stated the US will not attack Iran before November elections amid productive diplomatic talks, easing Middle East supply concerns. Brent crude dropped 0.7% to $103.53/barrel while WTI fell 0.6% to $90.97, though prices remain volatile due to shipping disruptions and Hurricane Isaias affecting Gulf production.
Josh Young, CEO of Bison Interests, warns that global oil inventories are depleting rapidly with less than 10% of stockpiles usable, leaving little buffer for supply shocks. He argues WTI's fair value is around $105 per barrel and expects massive currency debasement from rising oil prices, while highlighting undervalued energy assets and refined product constraints.