Oil prices 'in no way' reflect the risk of US-Iran tensions after Trump targeted Iranian drone, says RBC's Helima Croft
an Iranian drone in a defensive move. Oil prices shed 2% by the end of the day.
It also makes things more complicated for investors, who are likely "taking a cautious approach" due to the fact that "they don't know how this thing could escalate" and pricing in political risk is a difficult task, she said. "Geopolitics has been this pillar supporting oil prices, but that really seems to be the main pillar right now, and so there's all these other big concerns about demand and economic malaise out there," said Croft, who is also a managing director at her firm."When we talk to our technicals team, they basically say, 'Look, if we breach [$]54.60, then we will be looking potentially at the lows we saw earlier this year.
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