Macroeconomic Concerns Cap Crude Prices

Oil prices failed to recover from the steep sell off on Monday and Brent is now hovering just above $71 per barrel. Surge in Geopolitical Risk Premium Gives Way to Great Disappointment - The sudden de-escalation of tensions between Israel and Iran led to a widespread cancellation of call options held by market participants who wanted to hedge their exposure against sudden upward price swings.- In the immediate aftermath of Iran’s attack on Israel in early October, trade in call options has soared to unprecedented levels, tripling compared…