Crude oil prices are looking towards $70 for the first time since July of last year. Brian Kessens addresses the current risk premium from U.S./Iran tensions even as it is not expected to close the Strait of Hormuz. “We would expect prices to move materially higher” if a deal is not reached but thinks they can soften if there is a resolution. He sees $60 as a potential bottom and $100 per barrel in a worse-case scenario. Brian comments on production levels for both oil and natural gas; the former he sees relatively flat while the latter increases.

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