Oil Forecasters Rush to Revise Outlooks as Israel-Iran Conflict Escalates

Crude oil analysts are in a rush to revise their forecasts in the wake of Israel’s attacks on Iran as geopolitics trumps fundamentals yet again. “Oil could spike toward $80 if Middle East tensions escalate and supply risks materialize, but rising OPEC+ output may cap gains and revive oversupply concerns into autumn,” Saxo Markets chief investment strategist Charu Chanana said, as quoted by Bloomberg. “A worst-case scenario — such as a closure of the Strait of Hormuz or a disruption to Iran’s 2.1 million barrels…