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Oil’s Biggest Fear

Refinery

The biggest oil headline in the last week- and perhaps the biggest headline in any other periodicals you might read- has been the growing US/Iran conflict. To recap, Iran has been behaving in an increasingly feisty manor since May 1 when the Trump administration ended the waiver for buyers of Iranian crude oil in an effort to get the nation’s exports down to zero. The Iranian leadership has obviously been displeased with this move and has been accused by the U.S. and its allies of the recent attacks on oil infrastructure in the Persian Gulf. Things got even more heated last weekend when the Iranian military claimed responsibility for shooting down a $125m US drone which, according to the Iranians was surveilling their territory while US forces have claimed the device was flying over neutral territory. This escalation was met by the US military- and hawkish voices within the White House- with plans for air strikes on the facilities which may have planned and executed the attack on the US drone. However, President Trump, ten minutes prior to the US retaliatory strike, called off the attack believing that the response was overly aggressive.

Newspaper headlines and op-eds have focused intensely on this story and for good reason. US/Iran relations have been on a negative path for decades and the Trump administration’s renewed emphasis on ‘dealing’ with Iran has talking heads understandably concerned that we are on the path to a more intense conflict.…




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