Aside from Trump's vague comments, news has been super bullish (Kuwait, UAE, Saudi cuts). The $30 swing was unprecedented. Markets were looking for any bearish headline. Concrete action on supply relief is very limited; Strait of Hormuz is essentially still shut for most.

Peak for this week maybe, but for the future, macro decisions on the war are unclear, pointing to a protracted conflict. Most crude from the Gulf isn't flowing. Without that supply, there will be knock-on effects on the global economy reflected in oil prices. $120 is not the limit; we're meant for more.