Crude oil futures are pricing market adaptability, not hopeful Iran peace: Russell
Awaiting price reaction for this filing.
Brent crude futures fell about 5 percent to around USD 92.06 in early Asian trade on Monday on hopes of a fresh pause in US-Iran strikes, but physical supply remains severely constrained with shipping through the Strait of Hormuz collapsing after a brief mid-June ceasefire collapsed. Brent had rallied 45 percent from a low of USD 70.14 on July 2 to USD 102.00 on July 23, yet remains well below the USD 139.13 peak hit after Russia's 2022 invasion of Ukraine. The column argues futures are pricing market adaptability and re-routing of flows rather than worst-case disruption, noting roughly 10 million barrels per day of Middle East crude and products remain at risk, with India among countries absorbing rerouted Russian oil.