Iran War Fuels Global Oil Markets Turmoil
The ongoing war in Iran has sent shockwaves through global oil markets, leading to long-lasting and far-reaching effects. According to OPEC+, the damage to Middle East energy assets will have a prolonged impact on oil supply even after the conflict ends.
US inflation data due out later this week is expected to show a 1% increase in the consumer price index for March, the sharpest one-month advance since 2022. This surge is attributed to the Iran war pushing gas prices at the pump up by about $1 per gallon.
The energy squeeze is causing concern, with Brent's prompt spread ballooning above $10 a barrel in backwardation, a bullish pattern. Dated Brent, the world's most important price for real-world barrels, surged above $140 to its highest since 2008.