Oil prices rallied last week to their highest level since November 2014, with Brent Crude hitting $86 and WTI Crude rising above $75 a barrel at one point in the middle of the week. Uncertainty has been the buzzword in the oil market over the past couple of months. On the supply side, there’s uncertainty about how much Iranian oil the United States will manage to choke off. Then there’s uncertainty about how much spare capacity Iran’s fellow OPEC members and non-OPEC Russia could summon on short notice to replace Iranian losses. Finally, on the demand side, there’s uncertainty whether oil prices at four-year highs and consequently, fuel prices at multiple year highs, are already denting oil demand growth, especially in emerging markets, which are key oil demand drivers but which have suffered a major depreciation of their currencies against the U.S. dollar over the past two months, making […]