Trick or Trend: Is the “geopolitical calm” over for oil?

Trick or Trend: Is the “geopolitical calm” over for oil?

Friday’s surge in oil prices on worries about deteriorating relations between the United States and Iran was a reminder of how extraordinary oil geopolitics have been recently: Just about every OPEC country–and most non-OPEC oil producers–have been pumping away without significant disruption. That’s not normal oil geopolitics for the last forty years or more. And I have to wonder how long this calm is going to last.