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When the US-Iran war began at the end of February, it unleashed an energy crisis on the world and one not seen in recent years. Oil shipments through the Strait of Hormuz, de facto controlled by Iran, came to a standstill, crude oil prices shot up, and the world was left grappling with a supply crunch.
Oil prices are holding firm despite Persian Gulf supply increasing. We expect oil prices to trade lower into year-end