Oil prices may have reached their peak despite ongoing tensions in the Middle East, according to Norbert Rücker, Head of Economics and Next Generation Research at Swiss Bank Julius Baer. According to Odaily, Rücker highlighted that while crude oil demand continues to outstrip supply, the trade through the Strait of Hormuz must eventually normalize to prevent further shocks. He suggested that the worst might be over, drawing parallels to the 1990 Gulf War, which led to a brief oil price surge. Rücker believes this historical context indicates that oil prices may have already peaked.