Oil Prices (BZ=F, CL=F) are falling slightly on Monday morning after Iran’s air attacks against Israel for its strike on the Iranian consulate in Damascus. While the retaliation may not have caused oil prices to move at first, concern is mounting about the implications for oil prices as pressure builds in Middle East.
Atlantic Council Global Energy Center senior fellow and Transversal Consulting president Ellen Wald joins The Morning Brief to discuss the oil market’s muted reaction to Iran’s strike on Israel.
Wald explains that Israeli retaliation is not focused on Iran’s oil supply, with OPEC remaining the key force behind supply and demand dynamics: "We get into the summer months, we’re looking at pretty high rates of oil demand, but really I think the next big thing to keep an eye on, is OPEC is going to be meeting on June 2nd, and with OPEC keeping its output curbs in place, I think that’s keeping oil prices elevated and the pressure is really going to be on OPEC to increase output and bring those oil prices down, especially, as you mentioned, with Biden facing reelection. "
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