A Biden victory in US elections could lead to the renegotiation of the Iran Nuclear Deal and pave the way for millions of barrels of Iranian crude to return to the market, Helima Croft, head of the commodity strategy at RBC Capital Market told Business Insider.
Put simply, Biden’s victory could be bearish for oil prices.
Key quotes
If you have Joe Biden as president he could basically take the US back into the [Iranian] Nuclear deal and you could see a million-plus Iranian barrels hit the market. These are the kind of things I think will be very important in the trajectory of oil into 2021.
Iranian exports hitting the market is going to put a temporary lid on how high prices can go.
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