Iran's oil production is running hotter than most analysts forecast. Current all-in liquid output hovers near 5 million barrels per day despite the weight of international sanctions—a figure that caught many market watchers off guard.

The geopolitical backdrop here matters: sustained production at this level keeps energy prices under pressure, which ripples through inflation expectations and reshapes macro risk appetites. For traders watching leverage positions, there's the classic energy volatility play—big barrels, big leverage, big drawdown potential when sentiment shifts. Worth monitoring how this production trajectory influences global energy prices and downstream market positioning.