Oil News: Crude Oil Futures Poised for Rally if Hormuz Stays Restricted
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Key Points:
- Iran's closure of the Strait of Hormuz revives supply fears and raises upside risks for crude oil futures.
- Crude oil traders face gap-risk Sunday night as Hormuz disruption threatens one-fifth of global oil flows.
- Bearish oil positions may face a short squeeze if supply concerns drive crude oil prices sharply higher.
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Iran Just Reopened the Biggest Risk in Oil
Vice President Vance sat down with Iranian officials in Switzerland on Sunday and the read going in was that nothing would come out of it. Tehran’s delegation said the talks would cover implementation of the existing agreement, not sanctions, not the nuclear program, not the larger issues that would signal progress. Both sides showed up to defend their positions with the Strait of Hormuz closed between them.