Geopolitical risk is back on the agenda for energy commodities. North Korea, Syria and Afghanistan have been the main targets of a more assertive American foreign policy. President Donald Trump’s quick-fire actions have also fuelled concern a fresh round of US sanctions on Iran may be imposed sooner rather than later. Meanwhile, the potential for instability in Venezuela and Turkey is also rattling the market.
In recent months, the huge stockpiles of oil held around the world have eliminated the geopolitical risk premium that has dominated...
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