Oil Traders Brace for Iran Escalation After U.S. Elections
Oil traders appear to be preparing for a resumption of hostilities in the Middle East following the U.S. midterm elections on November 3, and if such a resumption does not take place, oil prices are likely to drop, ING commodity strategists wrote today in a note. With President Trump repeatedly hint
Source: OilPrice.com
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DW NOTE
The Strait of Hormuz has been effectively closed for ten days. WTI is down 11.7% from yearly highs, not rallying into scarcity. Either traders don't believe the closure holds, or demand destruction from $100 oil is already priced.