Oil’s reaction to the US attack on Iran is not a big surprise. The price is spiking with WTI skyrocketing above $63/bbl as investors rush to buy and store oil. The outlook for oil is very bullish with this latest geopolitical tension putting the supply side at risk.
Other supporting factors reasons include cuts by OPEC+ last month, solid macroeconomic data from the US and reduced tensions between the US and China, which could support oil demand in the medium term.
