Oil Market Completely Broken

AI Summary

The oil market is facing significant disruption due to renewed clashes between US and Iranian forces, impacting the supply outlook. The ongoing tensions have effectively closed the Strait of Hormuz, raising concerns over energy availability.

Oil climbed after renewed clashes between US and Iranian forces which has jeopardized the outlook for a deal to end the war. The Strait of Hormuz has been effectively closed since the start of the war triggering an energy supply shock. Vandana Hari, Founder of VANDA Insights told Bloomberg’s Horizons Middle East and Africa anchor Joumanna Bercetche, oil markets are not reflecting reality. (Source: Bloomberg)