European oil companies might be thinking twice about returning to Iran's oil fields with Donald Trump bound for the White House, according to Helima Croft, head of commodities strategy at RBC Capital Markets.
French oil giant Total announced last week it would lead a consortium that includes the China National Petroleum Corporation to develop Iran's South Pars gas field. Others have told CNBC they are interested but waiting until the investment outlook becomes clearer.
Iran's oil production has grown steadily over the last year to about 3.7 million barrels per day following the lifting of sanctions that hobbled its crude exports. But the recent presidential election puts a question mark over its continued recovery, Croft said.
"Iran has ramped up. Iran is back to pre-sanctions levels, but can Iran do much more without foreign investment? And this is where the Trump election becomes very, very important," she told CNBC's "Power Lunch."