Just when you think there is no way, the market finds a way. Oil prices, gasoline prices, and diesel prices exploded yesterday, becoming very overextended on news of attacks by Houthi rebels on ships in the Red Sea, as well as Iran’s lashing out at targets in Bahrain and Kuwait. But look at the resilience already kicking in. Prices are settling down fast as the market adapts on the fly. Within hours—not weeks—energy companies, the U.S. military, Saudi forces, and regional partners are already re...
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