For nearly a week, the oil market has been digesting reports that Saudi Arabia and Russia are considering bringing back some production to ‘ease market and consumer anxiety’ over high oil prices. Accordingly, oil prices plunged, while market participants and analysts are trying to quantify how much oil supply OPEC and its allies could or would bring back online. The Iran issue and the return of U.S. sanctions—the key driver of the oil price rally that drove Brent to $80 per barrel earlier this month—seem to have taken a backseat in investors’ minds. Yet, the consequences of the U.S. withdrawal from the Iran nuclear deal, the possible Iranian response, and the actual physical barrels of oil that could be taken off the market are still very much an important—and no doubt bullish—factor for oil prices. One of the most drastic reactions from Iran could be Tehran pulling out of […]