The FT chart provides an interesting insight into the drivers of the current oil market. Of course, oil is driven by the events of the Iran War, yet the impact on oil prices is more subtle. There seems to be a direct connection between President Trump's comments and the surge or decline in oil prices. When Trump makes comments that escalate tensions, usually before or on a weekend, there is a surge in prices, followed by comments that de-escalate tensions. The uncertainty in prices is associated with rhetoric rather than specific action surrounding Iran. The sample is small yet there may be a link between comments and oil price action.
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