Oil has fallen out of favour with investors as geopolitical events combined with Donald Trump’s propensity for interference shrouds its short, medium, and long term future in uncertainty. US sanctions are now in effect across Iran, Venezuela, and Russia, which together account for one third of the world’s remaining conventional oil reserves, and these – particularly those on Iran and Venezuela – have reduced the Organisation of Petroleum Exporting Countries (OPEC) supply by 2 mb/d y/y (2.5% of the global crude market). Meanwhile, tankers have been seized in the Strait of Hormuz, a crucial choke point through which 25% of global oil trade flows...
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