Brent futures have moved lower since Friday, although prices recovered some ground on Tuesday as traders weighed mixed signals around a possible Iran deal.
Investment bank Piper Sandler has taken a more cautious view, telling clients it expects the Strait of Hormuz to remain largely closed and oil prices to reach new highs.
The bank said it has very little confidence that commercial traffic through the Strait will return to even 50% of pre-crisis levels, even by next month.
If that view proves correct, another move higher in oil could add pressure to the recent rally in equity markets. Japan may be particularly exposed, given its reliance on imported energy.
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