Oil Prices Stay Subdued Despite Hormuz Risk – Rabobank
Rabobank strategist Benjamin Picton notes that oil markets remain subdued even as the Strait of Hormuz is effectively closed, with Brent futures falling sharply.
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Rabobank Senior Market Strategist Benjamin Picton highlights that oil markets continue to display weakness despite escalating geopolitical risks. According to Picton, Brent futures have dropped sharply even though the Strait of Hormuz, a critical oil transit chokepoint, is effectively closed.
The subdued price action suggests that other factors, such as demand concerns or ample supply, are outweighing the supply disruption risk from the Hormuz closure.
Source: FXStreet Forex News