Concerns about the lack of supply from Iran and Venezuela re-emerged early Thursday to push the price of crude oil sharply higher. Crude oil prices moved in the volatile territory on Wednesday after the U.S. federal government reported growth in domestic crude oil inventories. Traders, however, said the market mood has shifted toward production, not inventories, amid concerns on what happens in the second half of the year. First-half 2018 was characterized by heightened geopolitical risk and U.S. sanctions action on Iran, which helped push the price of Brent crude oil toward $80 per barrel earlier this year. U.S. trade pressures on China and Europe, meanwhile, have balanced against some of that risk. Vandana Hari, a market analyst and founder of Vanda Insights, said in […]