, Columnist
Iran's Freaking Out the Oil Market. It Shouldn't
A rocket strike on two U.S. bases in Iraq sent prices surging. But factors leading to a sustained rise are absent.
You’d be forgiven for getting concerned.
Photographer: AFP
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It’s often said that the best time to buy is when there’s blood on the streets. The best time to sell oil, by contrast, is when the world’s gas tanks look empty.
That’s reason to temper the fear and excitement driving the oil market — even in the face of Wednesday’s Iranian rocket strike on two joint U.S bases in Iraq, which sparked the biggest intraday rally for Brent crude since a September attack on a Saudi production facility.