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Piper Sandler says Strait of Hormuz to remain closed for months and oil to hit new highs
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- Piper Sandler isn't buying the talk that an Iran deal is nearing, telling clients that the Strait of Hormuz will largely stay closed and oil will hit new highs.
- West Texas Intermediate Futures are down since Friday but bounced back some on Tuesday with mixed messaging on a possible Iran deal over the long weekend.
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Piper Sandler isn't buying the talk that an Iran deal is nearing, telling clients that the Strait of Hormuz will largely stay closed and oil will hit new highs.
"We think the Strait of Hormuz remains largely closed for months yet, meaning shortages become more urgent and oil hits new highs this Summer," according to a recent note from the investment bank's energy and macro teams.
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