Geopolitical issues are drawing the market focus away from more fundamental issues like supply and demand metrics, the International Energy Agency said. Brent crude oil prices are up more than 4 percent since U.S. President Donald Trump on May 8 backed out of the Joint Comprehensive Plan of Action , a U.N.-backed agreement with Iran that eases sanctions pressure, including pressure on Iran’s oil, in exchange for nuclear commitments from the Islamic republic. In its market report for May, the International Energy Agency said it’s “too soon to say what will happen” in the market because of the sanctions, but the U.S. decision has shifted the market focus away from fundamentals and toward geopolitical issues. “There is a 180-day period for customers to adjust their […]