"Iran warned it will launch 'long and painful strikes' against U.S. regional positions if Washington renews military attacks, indicating a serious escalation in tensions."
"Despite the upward trend in oil futures settlements, they still seem detached from reality, downplaying the scale of the crisis on the ground."
"The oil market remains in 'La La Land' because traders and speculators continue to underestimate the severity of the supply shock caused by the war in Iran."
Oil prices increased, with WTI futures at 105.12 $/bbl and ICE Brent at 111.05 $/bbl. Concerns over escalating Middle East conflict and stalled diplomatic negotiations are driving prices higher. Iran threatened severe strikes against U.S. positions if military actions resume. Despite rising oil futures, market perceptions may underestimate the crisis's impact. Traders believe in a potential peace agreement and quick normalization of fuel supplies, but the reality of the situation suggests a prolonged supply shock due to ongoing conflict.
Read at London Business News | Londonlovesbusiness.com
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