"WTI crude front-month futures closed above $111/bbl, the highest closing on record since 2014. Meanwhile, ICE Brent closed above $109/bbl."
"Heightened volatility regarding future pricing and the physical integrity of Middle Eastern pipelines has driven massive demand for spot and prompt-month crude oil contracts, significantly outstripping interest in longer-term settlements."
"Trump's statements were met only with a further sharp rise in oil prices, contrary to what Trump had hoped for. It seems the market has become fully aware that his words are meant solely to manipulate market movements."
"We await the consequences of a US ground intervention aimed at seizing uranium. This phase would be the next stage of escalation and could prompt Iran to intensify its attacks on energy infrastructure."
WTI crude front-month futures closed at $111/bbl, the highest since 2014, while ICE Brent closed above $109/bbl. Oil prices surged amid pessimism from Donald Trump's contradictory statements, indicating a prolonged Middle East conflict. The market's extreme backwardation and preference for immediate delivery have favored WTI over Brent. Trump's claims of military victory only led to further price increases, revealing market manipulation. Anticipation of US ground intervention could escalate tensions, prompting Iran to retaliate against energy infrastructure.
Read at London Business News | Londonlovesbusiness.com
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