Crude oil values have reverted to around $70 per barrel, mirroring the rates prior to the conflict initiated by the US and Israel against Iran on February 28. However, leading commodities analysts caution that the market sentiment may be excessively optimistic. Warren Patterson, the Head of Commodities Strategy at ING Bank, indicates that traders are interpreting the temporary US-Iran agreement as a lasting resolution, despite recent shipping attacks on June 27 and Iran's ongoing demand for tolls to traverse the Strait of Hormuz. With a 60-day deadline for a conclusive agreement approaching, any collapse could trigger a rapid increase in prices, impacting gasoline costs in the US.
