Oil prices have surged following reports from the Wall Street Journal indicating potential prolonged supply disruptions in the Middle East. The Strait of Hormuz, a critical chokepoint for global oil transport, has seen significantly reduced oil flow due to ongoing conflict. The International Energy Agency has characterized the current situation as the largest oil supply disruption in history, prompting the use of emergency reserves. Markets are interpreting these developments as supportive of elevated crude oil prices, with a 13% probability of reaching a new all-time high by year-end.
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