This post is a carbon copy of last month’s post. Also, I realized at the end of June that I had not posted at the end of May. So I am backdating this post to the end of May. At that time, I had no opinions for the month of June.
Because of the ongoing conflict in Iran, I will not offer an oil price forecast for this month. There is so much misinformation and disinformation circulating—from all sides and even well-respected sources—that it is impossible to form a clear view of developments.
Like many others, I have been following events as best I can. West Texas Intermediate prices have stayed elevated amid the disruptions, reflecting uncertainty around supply routes such as the Strait of Hormuz. I continue to sit on my hands with no new positions until the situation clarifies. No one knows how long this will last—it could be days, weeks, or longer.
I hope that the conflict winds down soon with minimal harm and that the Iranian people are able to lead better lives.