Escalation of military actions between Israel and Iran is a good catalyst to spike oil prices and add fuel to elasticity forces incentivizing more global supply and less demand. It's a question of duration. Upward estimate revisions for production may see a blip, but waning consumption could take a bigger hit. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/sxsl57dwrgg0 {BI COMD} #crudeoil @BBGIntelligence