Tap Oil With Best Energy ETFs & Stocks YTD
Zacks Investment Research | May 21, 2018 11:01PM ET
Oil price has been on a solid run in the past couple of months with Brent hovering near $80 per barrel, the highest since 2014, and U.S. crude trading above $72 per barrel. The rally has been driven by several factors that point to a rebalancing of the oil market and increase in investors’ optimism.
In particular, Iran and Venezuela are playing an important role in driving oil price higher. This is especially true as Donald Trump finally withdrew from the Obama-era 2015 nuclear deal and vowed to re-impose all the powerful economic sanctions against the OPEC nation within the deal as well as bring new ones. Since Iran is OPEC's third-largest oil producer and exports about 2.5 million barrels a day, renewed sanctions would reduce Iranian oil exports, further tightening global supplies and pushing oil prices higher (read: Zacks Investment Research
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