Svmuu News: Norbert Ruckel, Head of Economics and Next-Generation Research at Julius Baer, stated that oil prices may have already peaked despite ongoing tensions in the Middle East. He noted that demand for crude oil still exceeds supply, and trade through the Strait of Hormuz must eventually return to normal to avoid a larger shock. However, the worst may already be behind us. “The current crisis appears most similar to the 1990 Gulf War, which caused a brief oil price shock. Using that as a reference, oil prices may have already peaked.” (Jin Shi)