AI Summary

Bank of America warns that oil prices could keep rising into winter if the U.S. and Iran do not agree to reopen the Strait of Hormuz. The bank notes that shortages are already appearing in diesel, gasoline and global natural gas markets. Francisco Blanch, BoA’s head of commodities and derivatives research, told CNBC that the firm had been expecting Brent to trade between $70 and $80 a barrel on the assumption that a resolution would come.

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