Oil prices are likely to decline in the near term, according to Julius Baer's Norbert Rücker, even as WTI and Brent crude both jumped early Monday. Rücker points to expanding oil flows through the Strait of Hormuz, now estimated at up to 10 million barrels a day.
Oil prices are likely to decline in the near term, Julius Baer's Norbert Rücker said in a note. The near-term outlook comes even as both benchmarks moved higher on Aug 31, 2026.
WTI crude traded at $86.52, up 3.74%, as of 6:01 a.m. EDT. Brent crude rose to $91.25, up 3.58% over the same stretch.
Rücker's near-term view centers on the Strait of Hormuz, a key chokepoint for global crude oil shipments. Oil exports through the strait appear to be expanding incrementally, with estimates reaching up to 10 million barrels a day. That growing flow underpins his call for prices to soften even as traders bid the market higher this morning.
Source: Barrons.com
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