The return of Iranian oil; and what this means for the international markets.
- Jul 1, 2021 8:48 am GMT
There is a phrase in Persian - “Moshtâghe didâr”, which means “I’m eager to see you”. And the oil consuming world, today more than ever, earnestly bids Moshtâghe didâr to Iranian crude!
Iran’s significance in the crude trade, can be gauged from the fact that despite a stellar bull run since the start of this year, a possible delay in unravelling of ongoing Iranian sanctions sent prices even higher on this week. Crude has been climbing steadily since the beginning of 2021, with Brent up by 38% this year and West Texas Intermediate (WTI) by nearly 43%. Prices, however, nudged upwards of US$ 75/ barrel after a top US diplomat said that even if the United States were to reach a nuclear deal with Iran, several US sanctions on Tehran would still remain in place, thereby dashing hopes of an immediate return of Iranian barrels in the market (see Fig I)
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