In a week that started with Iran’s drone and missile attack on Israel and which ended with Israel’s retaliatory strike on Iran, it is somewhat surprising that the price of Brent crude fell. After all, the risk to physical supply of oil has clearly risen with the latest attack on Iran. However, we think it is not in the interests of either Iran or Israel to disrupt the regional trade in energy and that, for now, it will be off limits even if retaliatory attacks continue.
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