Ironically, the U.S. policy of economic pressure on Iran may turn a global catastrophe into a moment of opportunity Tehran hopes to exploit.
The supply risk is far from over despite de-escalating Iran-U.S. tensions, but the price retreat reflects a world still awash in oil.
The killing of Qassem Soleimani is a seismic event in U.S.-Iran relations, and could have far-reaching consequences.
Iranian protests against steep gasoline price hikes shows the government is struggling to balance its budget as oil exports decline.
OPEC+ might have to extend its cuts when the group meets next month, but the pain in the U.S. shale industry may make its long-term task easier.
Slowing growth in both Persian Gulf economies and U.S. oil production gives OPEC+ plenty to think about when they discuss output cuts in early December.
A sustained campaign on tanker traffic could have significant consequences for the security of the energy shipping lanes.
The oil market’s vulnerability and dependence not just on a single country, but on a single facility, was laid bare on September 14.
Weaker demand has allowed traders to shrug off recent events in the Persian Gulf. But a belief that a return to the days of the tanker war is unlikely may be misplaced.
With global oil supply outpacing demand, oil traders are shrugging off rising tensions around the Strait of Hormuz.