Will Oil Prices Crash Or Rally When Iran Reacts?

Brent is trading in the neighborhood of $70 per barrel, a price not seen since the spring of 2019. The unexpected assassination of one of the most important figures in the Iranian government set off fears of a hot war between the U.S. and Iran. Iran has vowed revenge. Trump has vowed more attacks, including potential war crimes, if Iran does anything in response to the killing. Iran has withdrawn completely from the 2015 nuclear deal. Iraq has begun laying the groundwork to force U.S. troops to exit the country. Trump has threatened Iraq with harsh…