Senior energy analyst at The PRICE Futures Group Phil Flynn argued that the stakes in the global oil market “have never been higher” as the war between Russia and Ukraine escalates and with the potential of a U.S. nuclear deal with Tehran.
Prochain Capital President David Tawil discusses how high oil prices impacts the economy and weighs in on the cryptocurrency market.
Oil prices moved in a $10 range on Thursday, but settled lower for the first time in four sessions as investors focused on the revival of the Iran nuclear deal, which is expected to increase Iranian oil exports and, in turn, ease tight supplies, Reuters reported. "This is how desperate the Biden administration is right now," Flynn said. "They want to get back into a deal, any deal because they know that they are taking the heat for rising energy prices."
He went on to argue that the Biden administration doesn’t "have a plan" and "want to embrace Iran and bring their barrels to the market." A White House spokesperson did not immediately respond to FOX Business’ request for comment.
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