Oil Prices Slump to Pre-War Levels as Supply-Risk Premium Evaporates

Kuwait oil chief says output will swiftly rise to pre-war levels

From the Wire: Hormuz may be open, but we can't just 'snap fingers' and have oil flow again

Oil led the Commodities Check-in on this week’s HotCopper Wire, where Isaac McIntyre and Jonathon Davidson dug into a Brent crude market that’s suddenly falling not on a shock to supply, but the prospect of too much. Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more. Oil’s had a rough week. Brent crude sank back below US$80 a barrel midweek, hi…

Oil prices slump to pre-war levels as supply-risk premium evaporates

The Brent crude oil price hit a four-year high of US$114 per barrel during the war between the US and Iran. West Texas Intermediate (WTI) crude also reached a four-year high of US$113 per barrel during the conflict. Oil prices skyrocketed due to the effective shutdown of the Strait of Hormuz, which carries 20% of the world's oil and gas supply. Today, all those oil price gains are gone. Oil prices are back to pre-war levels, and ASX 200 energy s…