This shake-out of oil pricing has occurred despite war breaking out in the Middle East after the devastating Hamas attack on Israel last October. If oil supplies are threatened in the Middle East, prices could return to the year’s highs in the mid-$80s or even higher.
Toss in the fact that Ukraine is now launching U.S.-made long-range missiles into Russia, and they are returning the favor, the possibility for that almost three-year war to expand also seems likely.
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This post originally appeared at 24/7 Wall St.