What Iran’s Election Result Means For Oil Markets

Ever since the Joint Comprehensive Plan of Action (JCPOA) was agreed in principle in 2015 by Iran and the P5+1 group of nations (U.S., U.K., France, Russia, and China plus Germany), the Islamic Republic has teetered between fully committing to being a moderate, Western-friendly regime or a hardline, anti-West but pro-Russia and China state. The strong showing in last week’s four-yearly parliamentary elections of the hardline (‘Principlist’) faction, comprising religious conservatives supported by the Islamic Revolutionary Guards…