Oil prices are up by over 50% since the end of February, ready for further gains should the situation in the Middle East deteriorate again. Supply is tight and getting tighter by the day. A fifth of global LNG supply is offline. The energy sector is once again hot, and commentators are talking about a new supercycle. Investors rushing to oil and gas stocks would be unsurprising, but perhaps some caution is advisable. Oil prices have made significant gains since the start of the year as the February 28th U.S. and Israeli strikes on Iran and the…
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