Traders Question How Much Iranian Oil Can Really Return to Market
AI Summary
US-Iran talks and a 60-day sanctions waiver have temporarily eased concerns about Iranian oil supply, but traders remain cautious about the volume of oil that can return to the market. Meanwhile, record high sea temperatures in the Pacific are setting the stage for a severe 'Super' El Niño, which may trigger significant commodity disruptions.
US-Iran talks and a 60-day sanctions waiver have eased supply fears, but traders remain cautious on the outlook for Iranian oil exports. From War Shock to Weather Shock: Super El Niño Threatens Fresh Commodity Chaos - Record high sea temperatures in the Pacific Ocean are paving the way for an unprecedentedly severe ‘Super’ El Niño, with equatorial temperatures currently 1.7C above the 30-year average. - This summer would witness the largest temperature deviation from the historical average for the month of June since 1981.…