WTI oil prices remain strong, nearing $60 per barrel, building upon a terrific rally in April. We stood back and let the rally rage on several dollars ago. The Yemen situation has registered with market bulls that see a greater conflagration beyond Saudi Arabia’s southern flank. They see a Saudi Arabia-Iran proxy war. The Saudis have been accused of using banned cluster bombs in their air campaign, indicating how serious they are taking this fight. Banned weapons use is a hallmark of the regions battles over the years, with several countries accuses of using cluster bombs, nerve gas, and so-called “barrel bombs,”…
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