Oil Markets Are Fully Focused On Interest Rate Hikes

Oil market sentiment has never been more fragile. Geopolitics has the power to move these markets, but the real and implied impact on supply and demand remains elusive, the financial markets hold much more immediate sway.  What started as the Silicon Valley Bank (SVB) failure and spread to Signature Bank, eventually bringing down shares of other regional banks in the U.S., was exacerbated by a sell-off of Credit Suisse shares. Oil prices tanked in response. The fear of failed bank contagion spreading to the wider financial market would put…