Oil Prices Barely Move as Sanctions are Already Priced into the Brent Oil Market

Oil prices moved slightly higher on Monday, as the US announced its official sanctions on Iran. The result was a rally in oil early last month that was followed by a large decline. Traders now believe the sanction are already baked into the market. The term structure of Brent Crude shows there is little immediate prompt demand. The US also decided that it would issue some temporary…