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Vitol gauges decreased Iranian war risk
Tom Baker, Managing Director of Vitol, said that the oil market is downplaying the risk of an Iranian war, as oil prices have retreated from their peak following a crisis that led to the removal of about 14 million barrels from Middle Eastern supplies— the largest oil supply disruption in history. Although some oil may return to the market, the shortage of products could be difficult to compensate for throughout the rest of the year, especially given Iran's declining exports since the U.S. sanctions began in April.
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