Oil News: Crude Oil Jumps as Strait Risk Fuels Bullish Oil Outlook
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Key Points:
- Crude oil futures surged nearly 6% as Strait of Hormuz risks triggered a major supply shock across global markets
- Oil outlook stays bullish short term as tanker flows drop from 20M to 3.8M barrels per day through Hormuz
- Global oil supply fell over 10M barrels per day in March, tightening inventory and driving volatility in crude oil
Crude Oil Gaps Higher Monday as Iran Walks Back Strait of Hormuz Progress
Oil traders got whipsawed twice in 72 hours. Iran signaled the Strait of Hormuz was opening Friday and crude crashed 11%. Then Iran walked it back over the weekend and futures were moving before most traders woke up Monday. That’s the market right now. Keep reading for what the charts are saying and what traders need to watch going into the week.