Oil Supply Adapts to Hormuz Disruptions

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Bloomberg Intelligence senior commodities strategist Mike McGlone says oil markets are largely accepting US assurances that the Strait of Hormuz remains open, with expanding Western Hemisphere supply and alternative export routes limiting the long-term impact of Gulf disruptions on crude prices. He says gasoline and diesel prices remain elevated because refining margins have widened, but expects crude oil prices to trend lower over time as global supply grows and demand softens.
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