WTI oil prices surged above $60 per barrel, yesterday, and have rallied even more overnight to nearly $62. The reasons are varied, if not dubious. Much of the rally is being attributed to geopolitical tensions, which, on their face, are elevated. The Yemen situation is producing actual battles and bombings between Saudi Arabia and Yemeni rebels backed by Iran. US Navy ships are now escorting British flagged vessels through the Strait of Hormuz, and that comes in the aftermath of Iranian naval forces boarding and rendering a Marshall Island vessel.
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