🚨Oil prices rose +8% in just 3 days, now near $110/bl.

The move comes despite two headlines that seem to point in opposite directions.

On one side, the UAE, OPEC’s third-largest producer at 4.8M bpd, is reportedly quitting OPEC+.

That should be BEARISH for oil, because it raises the risk of more supply hitting the market later.

But at the same time, Trump reportedly told aides to prepare for an EXTENDED blockade of Iran.

That is the headline oil traders are reacting to.

So even though one story points to more oil supply later, the market is focused on less supply right now.