- Oil fell nearly 3% today amid expectations of a Fed hike and a strong U.S. dollar
- The U.S. dollar held near recent highs ahead of this week’s Fed meeting on Wednesday, where monetary policy is expected to be further tightened to tame inflation
- A more expensive dollar can cause foreign buyers of dollar-denominated commodities to pay more for the same amount of goods
- Iran's president, Ebrahim Raisi, says that he needs guarantees that the U.S. won’t walk away from a nuclear deal again as a condition for his country to enter into an accord (BBG)
- “There needs to be guarantees. If there were a guarantee, then the Americans could not withdraw from the deal,” Raisi told the CBS News
- Raisi expressed displeasure that the Biden administration has kept sanctions imposed by Trump after he had exited the last agreement
- The statements coincide with ongoing talks to resurrect the 2015 Iran nuclear agreement, which might bring Iranian barrels back to the market but have so far failed to make any progress
- China lifts the two-week-long lockdown on the southwest megacity Chengdu, allowing the city’s 21 million residents to resume life as normal (BBG)
- Residents will still be required to submit to testing at least once per week, and they will need to show proof of a negative test within the previous 72 hours to use public spaces and transportation
- The easing of lockdowns might improve the demand outlook in one of the world’s largest crude consumers