A wider war in the Middle East may be looming over oil markets and OPEC is still keeping curbs on supply—but traders are selling. Despite recent gains, the market for crude remains overwhelmingly pessimistic. It would take a supply shock to change this. When earlier this month, Iran swore to avenge the killing of Hamas Leader Ismail Haniya by Israel, oil prices jumped in anticipation of the missile strikes. Then they retreated because U.S. and Chinese authorities once again released economic data that disappointed those expecting more robust…
