Morgan Stanley says Strait of Hormuz disruption pushes oil prices
Business
Oil prices are spiking thanks to ongoing conflicts in the Middle East involving the US Israel, and Iran.
Morgan Stanley says the near closure of the Strait of Hormuz has made it tough to get oil out, forcing Asian buyers to scramble for supplies from Europe and the US.
Dated Brent $140 June futures $111
Morgan Stanley's report points out that Dated Brent oil surged past $140 a barrel (a level not seen since 2008), while June futures are much lower at around $111.
This gap shows how immediate demand is driving up real-world prices, while futures are reacting more slowly to all this uncertainty.