Iranian centrist candidate Hassan Rouhani won the Islamic republic's presidential election Saturday after campaigning on a “hope and prudence” platform in which he appealed to traditional conservatives and reform-minded voters alike.

Rouhani spoke of reforms without threatening Iran's supreme leader or its institutions, of which he is a product. The former national Security Council chief promised an environment with greater personal freedoms and even indicated he would free political prisoners and jailed journalists.

Eoin Treacy's view If the result of the Iranian election leads to a greater willingness to engage with the global community then the risk premium attached to oil and Israel should contract. Let's look at the evidence.

Brent Crude has bounced from the psychological $100 area but will need to hold above that area if the benefit of the doubt is to be given to higher to lateral ranging.

The Brent Crude Oil – WTI Crude Oil spread has returned to the $5 area which represents the upper side of the underlying base that prevailed between 2009 and 2011. This is a potential area of support but a clear upward dynamic will be required to suggest a reversal of the contraction that began in January.

The Tel Aviv 100 Index has been largely ranging with a mild upward bias since October. It found support last week in the region of the 200-day MA and a sustained move below the trend mean would be required to question medium-term scope for additional higher to lateral ranging.

From the above charts, there is no great evidence that a sea change in Iranian foreign policy is in the offing.