Commodities Weekly: Israel’s strikes on Iran put the ball in OPEC+’s court

From an oil market perspective, the key risk from the latest flare-up in the Middle East is that the nature of retaliatory action disrupts oil supply and trade in the region. OPEC+ will be the key player to watch given that the group has plenty of spare capacity to offset a hit to oil supply and cap the upside risk to global prices if it wishes to do so.

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