Oil supported by tight market, geopolitical risk
The case made was that oil prices can stay elevated or move higher due to a tight global market and diminished probability of the Strait of Hormuz reopening soon.
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The Callback
Persian Gulf risk drives long-term oil bypass
23 weeks between these two statements.
The bull case for oil prices was framed around a deepening physical supply crisis if the Strait of Hormuz closure persists, with production shut-ins mounting and a slow recovery timeline.
The case made was that oil prices can stay elevated or move higher due to a tight global market and diminished probability of the Strait of Hormuz reopening soon.