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Oil Just Priced In a Peace Deal That Doesn't Exist Yet
Brent's down 19% in May on ceasefire hopes while the Strait of Hormuz runs at 4% of normal traffic and Iran exports 200,000 barrels a day.
OPEC Just Remembered It's a Cartel Again
Saudi Arabia and Russia ended their production squabble exactly when oil hit $73, and the timing tells you everything about where this goes next.
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