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    End of the War, End of the Rally…

    26 Jun 2025
    The unexpected announcement of a ceasefire between Israel and Iran has sent crude oil prices sharply down. Our markets followed and we are now back to pre-war lows. The de-escalation came faster than anyone had anticipated. The war risk premium is gone, and thE bearish trend is back. As harvest is now fully operational, traders are indeed focusing on large supply estimates, especially in the major exporting countries...

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