Julius Baer: Despite ongoing tensions in the Middle East, oil prices may have peaked.

Norbert Rücker, head of economics and next-generation research at Julius Baer, ​​said that despite ongoing tensions in the Middle East, oil prices may have peaked. He pointed out that crude oil demand still exceeds supply, and trade in the Strait of Hormuz must eventually normalize to avoid a larger shock. However, the worst may be over. "The current crisis seems most similar to the 1990 Gulf War, which caused a brief oil price shock. Using that as a reference, oil prices may have peaked." (Jinshi)