Iranian exports are no longer factored into global oil prices: Rapidan's Bob McNally

• US administration is increasing economic pressure on countries supporting Iran, with China being a key focus due to its economic ties.
• Iran's oil exports are effectively blockaded by the US, removing it as a significant factor in global oil prices.
• The crude oil market is currently optimistic and 'underpricing geopolitical risk,' particularly concerning a potential second energy shock.
• Refined product margins (gasoline, diesel) are at record highs, indicating tightness in those markets.
• Rapidan Energy predicts crude will stay within a $70-$100 per barrel range indefinitely, but warns that crude could 'follow products higher' if the US-Iran deadlock continues or escalates.

Bob McNally of Rapidan Energy Group discusses US economic pressure on Iran, noting that Iran's oil exports are effectively blockaded. He believes the crude oil market is underpricing geopolitical risk, with refined product margins at record highs. He forecasts crude prices to remain in a 'spiky muddle through' range of $70-$100 per barrel indefinitely, with potential for upward breakout.