Oil markets could be approaching their peak, even amid ongoing geopolitical tensions in the Middle East, according to Norbert Rücker, Head of Economics and Next Generation Research at Julius Baer.

Rücker noted that although global crude demand continues to outpace supply, trade through the Strait of Hormuz is expected to normalize eventually, helping prevent further price shocks.

Drawing a historical parallel, he referenced the 1990 Gulf War, which triggered only a brief spike in oil prices. Based on this context, Rücker suggests that the worst of the current price surge may already be behind us.