Something About The Best Laid Plans

Sentiment seemed upbeat as June dawned, underpinned by expectations for a summer defined by robust growth. WTI rose above $68 (figure below) and Brent topped $70, as OPEC said the pandemic-era supply glut is drying up. Stockpiles are poised to recede quickly with barriers to travel falling and economic activity accelerating. There are, of course, questions about the return of Iranian barrels. The nuclear deal is likely to be reinstated, although the proximity of presidential elections in Iran