Bloomberg:

“We place a 70 percent probability of Iran oil sanctions snapping back into effect on May 12, with a $10 price impact (of which $5 is already priced in). Our base case is that sanctions will take at least 2-3 months to be implemented, and will remove 0.5 million barrels a day of Iranian crude from the market, much less than in 2012.”
-- Mike Wittner, head of oil market research

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