Rising Iran tensions could destroy the bear case for oil, RBC's Helima Croft suggests (via CNBCFuturesNow)
Wall Street appears to be neglecting a global hot spot that could rip apart the bearish case for oil and drive prices higher before year-end.
"Iran is going to be a very, very important story over the course of the fall," the firm's global head of commodity research told CNBC's "The oil-rich country has been disrupting crude shipments in the Persian Gulf. The actions came after NATO accused Tehran of disobeying European sanctions by exporting the commodity to war-torn Syria.
"I think we're headed more toward escalation," said Croft. "The thing to really watch is if you get a retaliatory cycle. If these Iranian backed groups start targeting, for example, U.S. servicemen In Iraq, and there are about 5,000 U.S. servicemen in Iraq, if anything happens to those servicemen that really is a catalyst for this conflict going kinetic.""What has really held oil back have been these trade war concerns, and that his understandable.
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