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Perspectives on Iran, the Middle East, and Oil

Wells Fargo Investment Institute - January 16, 2020

Key Insights

  • The Middle East produces a significant portion of the world’s oil, and geopolitical uncertainties in the region have a history of bringing volatility to oil prices.
  • While geopolitics involving the Middle East have become testy—to say the least—we have been anticipating this for some time (ever since the U.S. re-imposed oil sanctions on Iran in 2018).
  • We expect tensions to remain high, and we believe that our 2020 oil-price year-end target midpoints of $60 per barrel for West Texas Intermediate (WTI) crude oil and $65 per barrel for Brent best balance supply, demand, and these geopolitical risks.

Download the report (PDF)