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Traders are not optimistic about the state of economy by the end of this year, placing high chances of stagflation, a mix of high inflation and unemployment.

From CNBC: Oil struggles for direction as IEA flags greater volatility ahead, OPEC cuts demand forecast

Global demand is facing constraints because supply from the Persian Gulf has been effectively cut off by Iran's blockade of the Strait of the Hormuz.

Shell plc (SHEL), along with other large integrated oil companies, have benefited from higher oil prices and should warrant investor attention.