Oil Market in Disbelief and Hope on Hormuz Opening, Rapidan’s McNally Says

Restricted tanker traffic through the Strait of Hormuz is raising the risk that crude oil prices will move materially higher, according to Robert McNally of Rapidan Energy Group. He warns the psychological impact on global oil markets could lift risk premia for energy, benefitting producers while posing downside pressure for consumers and energy-intensive sectors.

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Restricted tanker traffic through the Strait of Hormuz is raising the risk that crude oil prices will move materially higher, according to Robert McNally of Rapidan Energy Group. He warns the psychological impact on global oil markets could lift risk premia for energy, benefitting producers while posing downside pressure for consumers and energy-intensive sectors.