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Sticky oil price is a big worry
Oil markets have always had a complicated relationship with geopolitics. Prices spike on the headline, traders wait for the barrels to actually disappear, and the risk premium usually fades. This time, the more worrying signal is coming from somewhere else: the market is beginning to price duration. Brent has crossed USD107 a barrel, up sharply from around USD72 before the Iran war. The immediate trigger is familiar. Hopes of a quick US-Iran understanding have again run into reality, with Washington rejecting Tehran’s latest seven-day proposal linked to reopening the Strait of Hormuz. Yet the ...
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