Julius Baer: Oil prices may have peaked, referencing the 1990 Gulf War
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- Norbert Rucker from Julius Baer said in a commentary that despite ongoing tensions in the Middle East, oil prices may have already peaked.
- He stated that crude oil demand still exceeds supply and trade around the Strait of Hormuz must eventually return to normal to avoid greater shocks. However, the worst period may have already passed.
- He said: “The current crisis seems most comparable to the Gulf War in 1990, which caused a brief price shock. With that as a reference, oil prices may have already peaked.”
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