'Show me the barrels': Bob McNally says Trump is failing to reassure oil markets

• Oil prices have risen significantly (over 55%) since the Iran war began, with Brent Crude at $114.66 and WTI Crude at $104.69 intraday.
• Verbal interventions by leaders to calm oil markets are losing effectiveness, as the market demands tangible actions like a ceasefire or open shipping routes.
• Three scenarios for oil prices: a ceasefire (most likely long-term), US military intervention to forcibly reopen the Strait of Hormuz, or a recession triggered by sustained high oil prices.

Bob McNally of Rapidan Energy Group discusses the ongoing rise in oil prices due to Iran uncertainty and the ineffectiveness of verbal intervention. He outlines three potential scenarios for oil prices: a ceasefire, US military intervention to reopen the Strait of Hormuz, or a recession. The market is currently focused on the lack of a viable diplomatic solution and the potential for further escalation.