EXCERPT:
McNALLY: “You know, the markets are hardly panicking as trading opened in Asia about 30 minutes ago. Up $2. We spiked briefly above $80 a barrel. But look, oil traders have seen a lot of false alarms in recent years. When Iran attacked the Saudi stabilization plant in Abqaiq in September 2019, we had a spike, it reversed. Russia invaded Ukraine, we had a spike, it reversed. And when Israel and Iran came to blows last year, oil prices spiked, but there was no disruption. So the oil markets have been a bit — become a bit inured to geopolitical risk. And while they take this seriously — we are up $10 a barrel since the start of the war with Israel — they are going to wait to see signs of a material disruption and energy production inflows from the Gulf before, I think, you start to see those types of price increases you mentioned."