Oil supertanker Grace 1 on suspicion of being carrying Iranian crude oil to Syria is seen near Gibraltar, Spain July 4, 2019.
REUTERS | Stringer
Morgan Stanley does not expect rising tensions in the world’s most important oil chokepoint to lead to a sustained jump in oil prices.
Instead, the investment bank expects non-OPEC supply growth to keep crude futures relatively subdued over the coming months.
Oil prices rose more than 2% Monday morning, amid concerns that Iran’s seizure of a British tanker last week could lead to disruptions in the energy-rich Gulf.
When asked whether he was concerned about possible supply disruptions in the wake of intensifying geopolitical tensions in the Middle East, Morgan Stanley’s global oil strategist Martijn Rats, told CNBC: “Actually, on the whole, not that much.”
“The history of fear around the Strait of Hormuz suggests that from time to time, this concern can flare up and we can have some disruptions but they rarely last for very long.”
“There is a…