- Brent crude oil spiked above $75/bbl to its highest since November 2014 after Pres. Trump called the U.S. nuclear agreement with Iran "insane" and said the country would have "big problems" if it restarts its nuclear program; crude prices have since flattened out.
- "Currently, all bets are off on the U.S. staying in the nuclear agreement," says Tamas Varga of oil broker PVM, adding that this concern is the most significant element behind crude's recent rally; the U.S. has until May 12 to decide whether to quit the deal and reimpose sanctions against Iran.
- OPEC's supply curtailments and the threat of new sanctions are occurring just as demand in Asia has risen to a record, and with new and expanded refineries starting up from China to Vietnam.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, DWT, ERX, OIH, SCO, BNO, DBO, ERY, DIG, BGR, DTO, FENY, USL, IYE, DUG, FIF, DNO, OLO, RYE, PXJ, SZO, CRAK, FXN, OLEM, WTIU, DDG, OILK, NANR, OILX, WTID, USOI, USOU, USOD, FTXN, JHME, UBRT, ERYY, DBRT, ERGF, OILD, OILU, USAI