Iran's economy has been under immense pressure from U.S. sanctions that were reimposed after President Donald Trump withdrew from the 2015 nuclear deal.
JBC Energy's Benigni said a change in leadership in Tehran would have a major impact on"For the oil market, it would mean that the likelihood of oil prices dropping towards $40 is very high," he said on Tuesday."Remember Iran could easily add 1.5 million barrels within a shortest period of time. Maybe even 2 million barrels, and that's a lot of oil," he said.
On a larger scale, he said there isn't much upside potential for Brent crude. "Bear in mind we have right now 6 million barrels of oil on the sidelines, 2 million of which coming from Iran."but it's not giving you much more upside potential. It's only military confrontation that could do that," he said.Related Tags
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