OIL: MNI Analysis: Sanctioned Nations Influencing Oil Markets as OPEC+ Tightness Weighs

• Potential tightening of Iranian sanctions after the Hamas attacks in Israel have had markets on edge in recent weeks with fears significant volumes could be impacted now its barrels are flowing at pace to China.

• A Venezuelan electoral guarantee deal paves the way for easing US oil sanctions though the South American nations beleaguered oil industry appears limited in its ability to ramp up production/exports after years of underinvestment.

• Oil prices have reacted to the above events, pricing in a premium over Middle East tensions – especially as the markets weigh whether Iran was involved – before sentiment on a Venezuela deal dampened oils premium somewhat this week ahead of positive China data.

Full piece here:

MNI Commodity Analysis - Sanctioned Nations Influencing Oil Markets as OPEC+ Tightness Weighs.pdf