Julius Baer Bank: Despite ongoing Middle East tensions, oil prices may have peaked

Odaily Planet Daily reports that Norbert Rücker, Head of Economics and Next Generation Research at Swiss bank Julius Baer, stated that despite the persistent tensions in the Middle East, oil prices may have already peaked. He noted that crude oil demand still exceeds supply, and trade through the Strait of Hormuz must eventually normalize to avoid greater shocks. However, the worst may already be over. "The current crisis seems most similar to the Gulf War in 1990, which caused a brief oil price shock. Using this as a reference, oil prices may have peaked." (Jin10)