Are Oil Markets Underpricing Geopolitical Risks?

Oil prices have achieved limited upward momentum over the past week, with WTI crude gaining 4.67% to trade at $76.84 per barrel, while Brent has notched 4.29% higher to trade at $82.08. A bigger-than-expected inventory draw in U.S. inventories as well as the escalation in geopolitical risks over the past week are largely to thank for the rally. Last week's data by the Energy Information Administration showed that U.S. crude stockpiles tumbled by 9.2 million barrels last week,  driven by a big drop in U.S. crude imports as winter weather shut…