American poet Charles Bukowski famously said: "The crowd is always wrong," and his words seem to sum up the situation in the financial markets perfectly.
Just 24 hours ago, social media was abuzz with fears that the U.S. airstrike on Iran's nuclear sites, combined with the talk of Iran mulling the closure of the Strait of Hormuz, will trigger a massive surge in oil prices, leading to a slide in stocks and cryptocurrencies.
The reality, however, has turned out to be different. Oil prices on both sides of the Atlantic gapped higher by just 3% and have since erased most of the gains, according to data source TradingView.
As of writing, a barrel of Brent oil changed hands at $77, up just 1.4% for the day. Prices gapped higher to hit a five-month high of $77.79. Similarly, the West Texas Intermediate crude (WTI) hit a high of $78.58 before falling back to $76.75.
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