“It’s not a great thing to say, but if something like this is going to happen, at least it happened at a time when there is a surplus in crude and U.S. production is growing at such a fast clip,” said Tony Nunan, Tokyo-based oil risk manager at Mitsubishi Corp.
U.S. President Donald Trump said on Monday it looked like Iran was behind attacks but stressed he did not want to go to war. Tehran has rejected the charges that it was behind the drone strikes. “With the U.S. ‘locked and loaded’ awaiting signs from Saudi Arabia that Iran was involved, tensions in the Middle East could get worse before they get better. Under these circumstances, the price of oil could remain elevated for some time yet,” City Index analyst Fiona Cincotta said.
Why would Iran strike with precision but such limited power as to let production resume within days? Because Iran didn't strike. This is a coordinated Wag The Dog scenario.
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Source: CNBC - 🏆 12. / 72 Read more »