While optimistic inflation data slightly buoyed oil earlier this week, with the Fed indicating one rate cut before the end of this year, and more to follow in 2025 and 2026, a cocktail of global events is just as likely to sway crude prices in the coming weeks.
Raisi was expected to succeed Ayatollah Ali Khamenei as Supreme Leader, instead of Khamenei’s son. There is now speculation from some corners that Khamenei’s son may be justified in taking the spot, though the Supreme Leader has always been against hereditary succession. The Islamic Revolutionary Guards Corp IRGC will have to be appeased with the next choice for Supreme Leader, or there could be another coup.
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