macro · settles Dec 1, 2026

US-Iran nuclear deal agreed before December 1

AI Baseline6.0%refreshed 12 hours ago

Apply your estimate

Catalyst

US-Iran nuclear deal agreed before December 1

settles Dec 1, 2026 · AI 6.0%

Target

Brent crude closes at $100 or higher on December 4

settles Dec 4, 2026 · AI 20.0%

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%