Keep an eye on further potential upside in Chevron (CVX).

With war intensifying, oil could eventually test $200.

“We posit that the ongoing loss of energy supply to [the] global economy is so large (larger than the shocks of the 1970s as a share of oil supply) that it simply must be solved, either militarily or diplomatically, and that through various potential channels this occurs by mid-late April,” said the firm, as quoted by MarketWatch.com.

The firm expects things to only get worse, with Brent possibly running to at least $120 over the next month. If we see prolonged energy production through June, $200 oil could become reality. “They come up with that number based on the typical relationship between inventory and price, given the world is now without 13.5 million barrels per day, taking out some 400 million barrels per month, due to Strait of Hormuz disruptions,” added MarketWatch.com.

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And sure, markets exploded earlier this week on President Trump’s comments of positive talks. Unfortunately, Iran is denying that this is happening. 

“No negotiations have been held with the US,” Mohammad Bagher Qalibaf, the speaker of Iran’s parliament, said, as quoted by the Associated Press. “And fakenews is used to manipulate the financial and oil markets and escape the quagmire in which the US and Israel are trapped.”

Sincerely,

Ian Cooper