WTI At 5-Week Highs As US-Iran Fighting Resumes; US Production At Record High As Cushing & SPR Hit 'Tank Bottoms'

WTI At 5-Week Highs As US-Iran Fighting Resumes; US Production At Record High As Cushing & SPR Hit 'Tank Bottoms' Oil prices were volatile but are trading around unchanged this morning, but still near the highest closing level in five weeks (WTI topped $92 overnight) as hostilities broke out again between the US and Iran, renewing the threat to energy exports from the Middle East. The US conducted a second day of strikes on the Islamic Republic overnight, with President Donald Trump threatening more attacks if Tehran responded. Within hours, Iran retaliated against Jordan, Bahrain and Kuwait, countries that host American forces. “The market is now clearly pricing in a direct military confrontation, while the prospect of a...

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