I think it's mostly the uncertainty regarding the situation in Iran and the very clear decision of the IAEA to refer the country to the UN Security Council.
More Quotes from Dariusz Kowalczyk:
The market has been responding to the uncertain political situation -- Iran, Nigeria and intensifying military activity in Iraq .Dariusz Kowalczyk
I'm surprised that we are at current levels, because the geopolitical uncertainties haven't changed much since oil was at about 68-69 in late January -- Iran is still carrying on with nuclear testing.
Dariusz Kowalczyk
Concern about supply means the risk premium in prices is on the rise. Iran is the major problem, but Nigeria coming on top makes matters worse.
Dariusz Kowalczyk
The geo-political risk premium is already fully priced at the level we closed at yesterday.
Dariusz Kowalczyk
As the winter season draws out to a close this quarter, the focus will be on gasoline stocks especially since demand has improved on-year.
Dariusz Kowalczyk
The situation in Nigeria is likely to remain volatile for some time. Prices should rise because of disruptions in supply.
Dariusz Kowalczyk
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