Trafigura says the oil market is at an inflection point

Trading house Trafigura says the oil market has reached an inflection point and that crude prices could climb to levels far above current ones if the conflict in the Gulf drags on. Trafigura argues that major consumer countries will not be able to keep drawing down their strategic reserves for long, and that—should the blockade of the Strait of Hormuz persist—prices will have to rise in order to curb demand. The company is particularly concerned about the unusually low level of oil stocks in the United States.