Oil Rally Deepens as Iran War Premium Reprices After Pullback Vote
TL;DR Summary
Oil prices rebounded after U.S. lawmakers backed continued military involvement in Iran, heightening expectations of a prolonged conflict and tighter supply. Brent traded around $102 per barrel with WTI near the high $90s, as traders priced in a higher war premium and potential supply losses from Iran. The disruption of Middle East flows, higher shipping costs, and insurance premiums support a pricier outlook, while natural gas markets showed relative resilience due to LNG supply growth and demand dynamics.
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