Will We See Another Oil Price Breakout Soon?

With Russia's invasion of Ukraine looking likely to transition into an extended war of attrition in the east of Ukraine, oil supply jitters in the market have cooled off considerably. Also, it appears that recent SPR releases--casually dismissed by many experts as a mere band-aid--are having the desired effect. The oil price bull run has hit the skids after President Biden announced that the U.S. would release 180M barrels from the Strategic Petroleum Reserve over the next six months in the largest release in SPR history, while threatening to impose…