How a Week of Tanker Attacks Exposed an Oil Market Already Bracing for Glut

If you wanted a single week to illustrate how disconnected headline geopolitics has become from the oil market's underlying direction, this was it. On Tuesday, tankers came under attack in the Strait of Hormuz. By Wednesday, the US had struck multiple Iranian targets and revoked its earlier authorization of Iranian crude sales, and reports emerged of the White House threatening to reimpose a full naval blockade.

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