""We posit that the ongoing loss of energy supply to [the] global economy is so large (larger than the shocks of the 1970s as a share of oil supply) that it simply must be solved, either militarily or diplomatically, and that through various potential channels this occurs by mid-late April.""
""They come up with that number based on the typical relationship between inventory and price, given the world is now without 13.5 million barrels per day, taking out some 400 million barrels per month, due to Strait of Hormuz disruptions.""
The S&P 500, Dow, and Nasdaq are all down following a previous rally. Oil prices have increased significantly, with predictions of reaching $200 per barrel due to supply disruptions. The ongoing conflict involving Iran and Israel continues to escalate, impacting market sentiments. Iran's parliament speaker stated that no negotiations with the US are taking place, suggesting that misinformation is affecting financial markets. Citi forecasts that oil prices could rise to at least $120 in the near term, with a possibility of hitting $200 if current conditions persist.
Read at 24/7 Wall St.
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