If Joe Biden wins the 2020 US presidential election, one of Wall Street's top commodities analysts says the oil market will be sharply impacted.
Helima Croft is the head of commodity strategy at RBC Capital Markets. She says if Biden wins, he's likely to reactivate the Iran nuclear deal.
The deal lifted Iranian sanctions in exchange for Iran agreeing to limit its suspected nuclear activities.
US President Donald Trump was a vocal critic and exited the agreement in 2018. Remaining allies remained committed to the deal.
Croft says if the US rejoins the multilateral agreement, Iran is likely to flood the market with millions of barrels of oil.
According to Business Insider, such an influx of oil into the market could cap how much its would be able to recover, after years of all-time lows.
...A million or even two million barrels of Iranian exports hitting the market is going to put a temporary lid on how high prices can go. Helima Croft, Head of Commodity Strategy RBC Capital Markets
Helima Croft is the head of commodity strategy at RBC Capital Markets. She says if Biden wins, he's likely to reactivate the Iran nuclear deal.
The deal lifted Iranian sanctions in exchange for Iran agreeing to limit its suspected nuclear activities.
US President Donald Trump was a vocal critic and exited the agreement in 2018. Remaining allies remained committed to the deal.
Croft says if the US rejoins the multilateral agreement, Iran is likely to flood the market with millions of barrels of oil.
According to Business Insider, such an influx of oil into the market could cap how much its would be able to recover, after years of all-time lows.
...A million or even two million barrels of Iranian exports hitting the market is going to put a temporary lid on how high prices can go. Helima Croft, Head of Commodity Strategy RBC Capital Markets
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