AXIOS (Ben Geman) - The new oil order that could emerge from an Iran deal
With a U.S.-Iran deal (maybe?) taking shape in coming days, the oil market that follows will look different than what preceded the war. Why it matters: The emerging deal — which would re-open the Strait of Hormuz while nuclear talks proceed — could return large amounts of barrels to the market. - It's not a moment too soon as global oil stockpiles, which have somewhat tempered the crisis, are drawn down at record pace. Reality check: Things won't be normal for a long time, and the postwar definition of normal is fluid, too. A few near-term and long-term things to watch... Confidence: In the near term, "It's all about whether vessel owners and crews feel safe transiting the Strait of Hormuz," said oil analyst Ben Cahill of UT-Austin.…
With a U.S.-Iran deal (maybe?) taking shape in coming days, the oil market that follows will look different than what preceded the war. Why it matters: The emerging deal — which would re-open the Strait of Hormuz while nuclear talks proceed — could return large amounts of barrels to the market. - It's not a moment too soon as global oil stockpiles, which have somewhat tempered the crisis, are drawn down at record pace. Reality check: Things won't be normal for a long time, and the postwar definition of normal is fluid, too. A few near-term and long-term things to watch... Confidence: In the near term, "It's all about whether vessel owners and crews feel safe transiting the Strait of Hormuz," said oil analyst Ben Cahill of UT-Austin.…Open