Diplomacy is picking up in Iran as reports point to the US and Israel preparing to renew war. That is a headline risk premium for oil and a cap on risk appetite, so the tape trades defensive until the

What happened: Mohsen Rezaei, head of Iran's Supreme National Security Council, will meet with a delegation from countries in the Mecca Pact to discuss conflict in the region, according to an Iranian official. The meeting comes amid reports of U.S. and Israeli plans to renew war. Why it matters: The diplomacy unfolds as reports indicate the U.S. and Israel plan to renew war, according to the headline.

Mohsen Rezaei, head of Iran's Supreme National Security Council, will meet with a delegation from countries in the Mecca Pact to discuss conflict in the region, according to an Iranian official. The meeting comes amid reports of U.S. and Israeli plans to renew war.

The diplomacy unfolds as reports indicate the U.S. and Israel plan to renew war, according to the headline.