All President Trump is saying is give peace a chance, or maybe Senator Rand Paul a chance. Or maybe peace with Iran is just chancy. Crude oil prices tanked, breaking key support on a report that President Trump is going to send Senator Rand Paul to Iran to talk peace. Oil traders know that this can be a game changer for oil as the potential lifting of sanctions on Iranian oil could tip the balance of the market from being undersupplied to being oversupplied. Yet an admission by Iran that they seized an UAE oil tanker may make talks more difficult.
We know from experience that when there are expectations of Iranian oil coming back to the market, it is very bearish. The original lifting of sanctions by the Obama Administration to the Trump waivers to buyers of Iranian oil caused significant selloffs in oil. Yet it might be a little too early to start counting those barrels.
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