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Rory Johnston observes that U.S. President Donald Trump appears more eager to secure a deal now to prevent market turmoil, even though crude oil prices are significantly below their peak and equity markets are trading near all-time highs.
Johnston also comments that an extended closure of the Strait of Hormuz could have dire consequences, though he notes this is a side point.
Earlier this week, Johnston reported that Brent crude futures fell below $90 per barrel after a sharp drop. He recently tracked the largest weekly pullback in net speculator positions on Brent crude during the war. Both moves have accompanied heightened scrutiny of energy prices in recent months.