Will Cunliffe
Research Analyst, The Officials
An eye for an eye
The US and Iran throw handbags again, Kazakhstan is stuck between a rock and a hard place and Chinese inflation is back on the rise
The US and Iran throw handbags again, Kazakhstan is stuck between a rock and a hard place and Chinese inflation is back on the rise
The tit for tat goes back and forth which risks spilling over. As the Iranians promised, each retaliation is slightly harsher than the provocation. Naturally, that ratchets up the tension and should worry the market about a spiral effect. Yet, despite the squabbling and battering back and forth, prices keep descending. Brent flat price is back down to below $92 and the prompt spread collapsed to its lowest in months, at $1.50 after the Asian close. Although prices are relatively low and oil getting to market has increased, the prognosis is only deteriorating; Shell’s CEO said the market has lost 1.2 bil bbl and it will take at least a year to recover.
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