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Oil Resumes Uptick as Raisi Seen Complicating Iran Nuclear Deal

COMMODITIES
  • Oil markets were initially non-directional following Iranian election results that came in largely inline with expectations, with Ebrahim Raisi winning comfortably. Oil began to tick higher, however, as markets carefully eyed the President-Elect's first comments, oil traded more warily.
  • Analysts are concerned that rights groups in the US could lean on negotiators to impose stricter demands on the lifting of Iranian sanctions given Raisi's alleged involvement in a series of mass killings and crackdowns.
  • Elsewhere, Bank of America upped their oil call to be one of the most bullish on energy on the street, with the bank citing pent-up demand and a lack of mass transit capacity driving up private car use. As such, the Bank see WTI crude rising to as much as $100/bbl next year.
  • Gold and silver both traded firmer Monday, with a weaker greenback helping relieve some of the recent downside pressure. Next level in gold sits at $1797.3.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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