The price of WTI crude rose above $108, and its rise does not appear ready to stop. The price reached $108.43 as concerns about Iran supplies and the possibility it will try to block the Strait of Homuz persisted.
“We think crude oil has largely become a one-issue market. Either Iranian production is curtailed and prices spike further, or the oil continues to flow and prices collapse,” said Tim Evans, energy analyst at Citi Futures Perspective, in a note to clients.
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