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OIL: Oil in Watch and Wait Mode: RBC

OIL
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The oil market is still in a watch and wait mode according to RBC’s Global Head of Commodity Strategy Helima Croft.

  • “We’ve had oil run up over the last week in anticipation of an Israeli retaliation on Iran, we don’t know yet what form that retaliation will take,” Croft said.
  • “Could Saudi Arabia be called upon by the White House to immediately surge production in the event of strikes on Iranian infrastructure?”, Croft added.
  • “It looks like major producers in the region want to keep this conflict at arm’s length, they do not want to be dragged in, “ Croft said.
  • “However, we’ve not been closer to a wider regional conflict than we are right now,” Croft said.
  • “The markets are still struggling to judge the response from Israel but we have still not seen any impacts to production,” Croft concluded. 
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The oil market is still in a watch and wait mode according to RBC’s Global Head of Commodity Strategy Helima Croft.

  • “We’ve had oil run up over the last week in anticipation of an Israeli retaliation on Iran, we don’t know yet what form that retaliation will take,” Croft said.
  • “Could Saudi Arabia be called upon by the White House to immediately surge production in the event of strikes on Iranian infrastructure?”, Croft added.
  • “It looks like major producers in the region want to keep this conflict at arm’s length, they do not want to be dragged in, “ Croft said.
  • “However, we’ve not been closer to a wider regional conflict than we are right now,” Croft said.
  • “The markets are still struggling to judge the response from Israel but we have still not seen any impacts to production,” Croft concluded.