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Crude oil holds bullish momentum after a breakout, with key support intact and historical cycle patterns suggesting further upside toward prior highs and beyond.

The spot price reflects the demand for Brent oil that will be delivered in the next 10 to 30 days. The high price for more immediate oil deliveries points to the tightness of physical supply right now due to the huge disruption trigged by the U.S. war against Iran.

After the Strait of Hormuz reopens, a full recovery to prewar levels may take about four months, J.P. Morgan says.

Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.

No one yet knows when the Strait of Hormuz will fully reopen, but rebuilding energy infrastructure and restoring production in the Middle East are what matter most to the global oil market.