"God Bless Iran!" Now What?

Since the start of Israel’s military operations against Iran on June 12, we warned clients that there would be an epic opportunity to fade geopolitical risk premium by shorting oil. We did it here, here, and again here. Over the weekend, however, we lost our cool and suggested that there could be more risk premium to fade as Iran and the US danced the dance of re-retaliation following President Trump’s decision to attack Iran’s nuclear sites directly.