Oil printed around $108 as traders lost hope for a quick Hormuz arrangement ahead of a Gulf-Iran meeting via Oman. [1] Thursday this paper printed Brent holding above 100. Friday the number moved again.

Optimism was described as low. [1] A meeting is not an MOU. June's collapsed paper remains the last named arrangement. An Oman table is not a corridor. Print 108 and the talks. Do not print a signed strait.

The East-West precaution is the adjoining pipeline page. Perim is the adjoining island page. Neither is a Hormuz close. Do not average them into 108. Leave a later jump to the edition that owns a later close.

Friday's clock stops at 108 and at a table that has not sat. No Salalah delay belongs on this clock.

One-oh-eight with talks pending is a market holding its breath. Crude prices diplomacy the way traders price weather. Friday's number is a bid on a table that hasn't sat.

Unheld breath holds; Friday holds its. Holding is the update. Bids wait on tables.

One-oh-eight is a bid on chairs that have not sat. Traders price diplomacy like weather. Salalah's delay is Monday's lead, not Friday's.

Around 108 dollars is Friday's trader print while chairs in Oman stay empty. A Gulf-Iran session is not a signed corridor. The last arrangement this page will name is still June's collapse. Perim and the bypass are neighboring files, not ingredients in the number.
Friday's 108 is a trader print, not a signed corridor. Traders price diplomacy like weather. Salalah's delay is Monday's lead, not Friday's.

Traders price diplomacy like weather. Salalah's delay is Monday's lead, not Friday's. Friday's oil file is 108 talks, not a signed corridor.

-- THEO KAPLAN, San Francisco