Iraq is at high risk for oil supply disruptions this year following a flare-up in tensions between the U.S. and Iran-backed militia groups.
Iraq is at high risk for oil supply disruptions this year, following a flare-up in tensions between the U.S. and Iran-backed militia groups in the country, warned analysts at RBC Capital Markets in a Thursday note.
“While the standoff at the U.S. Embassy in Baghdad has seemingly eased for now, the underlying issues that produced the violent confrontation between U.S. forces and the Iranian backed militias remain unresolved,” analysts led by Helima Croft, RBC’s head of global commodity strategy, wrote. “Moreover, we do not believe this will be a one and done situation,” they said. “As long as Iran remains subject to severe U.S. sanctions — which are sharply upping the economic misery index and causing considerable domestic discord — Iran’s leadership will look to increase the costs for Washington continuing to pursue the maximum pressure policy.”
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