Oil Price Crosses $110 as Market Participation Halves and Bond Yields Flash a Warning

Brent crude futures trade near $113 after surging over 46% year-to-date, driven by the Iran war’s disruption of Strait of Hormuz shipping. However, open interest has dropped roughly 50% since late February, raising questions about who is actually fueling this rally. WTI crude oil price also briefly pushed above $100, underscoring that the war premium
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