macro · settles Dec 4, 2026
Brent crude closes at $100 or higher on December 4
AI Baseline20.0%refreshed last week
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AI Projection · P(target | catalyst = YES)10.6%▼ −9.4 pts
A new US-Iran nuclear deal would carry sanctions relief on Iranian crude exports, adding barrels to a market whose current premium is driven by disrupted Gulf supply. Conditional on a deal being agreed before 1 December, the probability of front-month Brent settling at or above $100 on 4 December falls from 0.19 to roughly 0.10. The direction and rough magnitude carry over from the retiring ceasefire-to-Brent edges, which were seeded at approximately -0.64 in June and whose sign was corroborated this month when the ceasefire failed and crude rose.
refreshed last week
If the catalyst resolved YES today, what's the probability of the target?
your estimate
10.6%
0%100%
Target AI Baseline 20.0%AI Projection 10.6%