Oil Markets Price in Strait of Hormuz Resilience, Bloomberg Intelligence’s McGlone Says

Oil markets are largely accepting US assurances that the Strait of Hormuz remains open, with expanding Western Hemisphere supply and alternative export routes limiting the long-term impact of Gulf disruptions on crude prices, Bloomberg Intelligence senior commodities strategist Mike McGlone said, according to Bloomberg. McGlone said gasoline and diesel prices remain elevated because refining margins have widened, but he expects crude oil prices to trend lower over time as global supply grows and demand softens.