Analysis by Region - Emerging Markets - Nigeria
Description
Global energy markets have been rattled by US–Israeli strikes on Iran, prompting a far-reaching response from the Iranians. Brent crude oil prices rose to around $80 pb after the initial shock, suggesting markets are pricing in the disruption rather than a prolonged closure of the Strait of Hormuz that would trigger major shortages. Consequently, we have raised our near-term Brent crude oil price forecast, though we expect the global supply glut to keep global oil prices subdued as tensions dissipate.
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