Oil & Iran War Context Weekly (W18)

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Happy Friday, Oil Watchers!Every week, I summarize and analyze developments in flat crude prices, calendar spreads, high-frequency inventories, refined products, and positioning data, as well as a taste of the themes I’ve been thinking about or following closely.Also a reminder that paid subscribers can access the latest weekly update of the detailed 40-page PDF Market Positioning Data Deck at the bottom of this report.On the latest episode of the Oil Ground Up Podcast, I spoke with Michelle Bockmann about the unprecedented disruption in global oil flows following the effective closure of the Strait of Hormuz, the tricks in tracking the shadowing passage of ships through the critical maritime chokepoint, and assessments of the efficacy of the US’ ongoing blockade.For more free oil context, check out my appearances on The Great Simplification podcast (video), the Bankless Podcast (video), and Breaking Points (video), as well as my latest column in The Dispatch (print).Become a paid subscriber today to read the full Oil Context Weekly report every Friday and join me in my hunt for ever-deeper oil market context.If you’re already subscribed and/or appreciate the free chart and summary, hitting the LIKE button is one of the best ways to support my ongoing research.SummaryFlat Prices spiraled higher through the final day of Brent’s June contract expiry, hitting a crisis high of more than $126/bbl in early Asian trading before collapsing more than $12/bbl through the end of the day and settling around $114/bbl; prompt Brent crude prices rose $3/bbl on the week while the July Bren…