MNI Research: Key Political Drivers of Energy - June 23

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Executive Summary: 

• The Iran-Israel-US Conflict is the main concern for energy markets, with US direct involvement raising fears of an Iranian retaliation.
• While some form of Iranian response against US military targets is likely, attempts to directly disrupt energy flows or shut the Straits of Hormuz remain very unlikely.
• While the Iran conflict continues, additional sanctions against Russian energy appear very unlikely.