|
There's no other way
- The relatively muted market reaction to the news of a resumption in hostilities between the US and Iran may reflect some complacency on the part of investors.
- The market was jolted by fresh strikes on Wednesday, with equities falling, and Brent crude oil trading up towards a $77-$80 per barrel range, compared to the $70-$73 range of recent weeks.
- However, the becalmed nature of oil markets also reflects the shift in energy supply since February.
- Second, global oil stocks have been reduced by c.25%, dampening the supply squeeze from the Middle East, in efforts coordinated by the IEA in the early period of the war.
|
|
