Crude prices have fallen on news that Iranian fuel might soon hit the world's markets, bringing inflation relief and pushing bond yields lower, while stocks and currencies were quiet before Kevin Warsh's debut as Federal Reserve chair.
Brent crude futures dove below $US80 and are down more than a third from recent peaks following reports that the US will waive sanctions on Iranian oil under a deal to end the war.
The prospect of extra supply added to optimism about the resumption of Middle East exports and helped push yields on US Treasuries lower along with a rally in global bonds, even as the conflict has drained strategic oil reserves.
