The geopolitical risk premium returned to oil markets this week after Israel rejected a ceasefire offer and bombed Rafah. Friday, February 9th, 2024The geopolitical risk premium kicked back in big time this week after Israel rejected a ceasefire offer in Gaza and bombed the border city of Rafah, making it increasingly unlikely that the upcoming weeks would see any de-escalation of tensions in Gaza. Relatively bearish calls from the US Energy Information Administration, saying that US crude output is unlikely to surpass the current level of…
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