WTI crude is more than recouping yesterday’s losses. The move is being driven by fading investor confidence in a purported Iran–U.S. agreement, while the market is increasingly pricing in a military scenario. The price per barrel is now $64.
According to reports from many commentators, most notably Axios reporters, a war with Iran is not only closer than most people think, but is also expected to be far longer and larger than previously assumed.
In just the last several dozen hours, more than 50 fighter jets and several dozen additional transport aircraft have been transferred to the region.
The Middle East has not seen such a rapid increase in U.S. presence on this scale since the Second Gulf War.
The “geopolitical premium” is quickly returning to valuations:
OIL.WTI (H4)
Source: xStation5
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