Oil Prices Climb as U.S.-Iran Flare-Up Shakes Market Complacency

Oil prices were climbing early on Monday morning after a fresh escalation between the U.S. and Iran over the weekend. The price rise was relatively delayed, as markets continue to price in a potential peace deal while discounting more bullish geopolitical catalysts. A growing number of analysts have been arguing that markets are being too optimistic about a quick return of Hormuz traffic and too complacent about the continued drawdown in global inventories to multi-decade lows. At the time of writing, Brent Crude prices were up by 1.18% at $72.84…