The price of a barrel of Brent crude has now gained more than 16% since early April, as traders anticipate supply shortages if geopolitical tensions in the Middle East continue to rise.
Norbert Ruecker, head of macro and commodity research atJulius Baer, says:
Supply concerns are top of mind after the U.S. left the Iran nuclear deal. The geopolitical noise and escalation fears are here to stay.