OIL & DIESEL: THE NEW “BLACK GOLD”? Jefferies says oil markets are mispriced and raised long-term forecasts, citing tighter supply and rising geopolitical risk. New targets: WTI ~$70–$82, Brent ~$75 Supply is constrained (millions of barrels offline), but reserves and storage have temporarily masked shortages Future prices may need to rise to curb demand and incentivize production U.S. shale growth is slowing, and even higher prices may not trigger enough new supply. Meanwhile, threats to energy infrastructure (e.g., near the Strait of Hormuz) are increasing. Bottom line: Jefferies sees structurally tighter markets ahead—supporting oil and diesel as increasingly valuable assets.(*Walter Bloomberg)