- Brent crude held near $73.50/Bbl Monday morning as nuclear talks between Iran and world powers continues to drag-on
- The inconclusive talks decreased the prospects for a quick revival of Iranian crude exports
- Diplomats adjourned the sixth round of meeting with vast differences remaining to mend the accord, the third time since talks began in April that negotiators have missed self-imposed deadlines to rejuvenate the agreement (Bloomberg)
- Iran elected a new hardline president last week. President-elect Ebrahim Raisi will likely delay a return to the 2015 nuclear accord, according to consultants SVB Energy International LLC
- World oil demand is well on its way to recovery
- Highway traffic is back at, or even above, pre-pandemic levels in the U.S., China, and parts of Europe (Bloomberg)
- The U.S. Transportation Security Administration data showed the number of passengers passing through security at U.S. airports surpassed 2 million a day for the first time since March 2020
- European air traffic has risen- now just above 50% of pre-pandemic levels, data from Eurocontrol show
- The remaining weak spot is long-haul flying, which is constrained by incoming restations in many parts of the world