Oil Rally May Persist as Key Straits Tighten Global Flows
TL;DR Summary
Disruptions to the Strait of Hormuz and the Bab el-Mandeb are tightening global oil flows and boosting transport costs, helping push Brent and WTI higher and fueling expectations that prices could reach $100/barrel. OPEC+ is seen pushing to unwind 2023 voluntary cuts, while Houthis’ Red Sea actions threaten Saudi exports and force routes to circumnavigate Africa, reinforcing the rally’s momentum even as China and other markets show some supply resilience.
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