Refinery spreads are the best risk-reward play today, says MBF's Mark Fisher

Market Uncertainty & Geopolitical Risk - The oil market faces significant uncertainty due to geopolitical tensions, particularly the attack in Iran on Israel [2][3] - Escalation risks are high, with potential responses from Israel and possible actions by Iran in the Strait of Hormuz or against US assets [5][6][7] - Multiple variables make it difficult to predict the direction of the oil market [3][4][6][7] Trading Strategy & Market Dynamics - Trading is considered tough and risky due to the numerous wild cards [3] - Long positions in heating oil cracks and gas oil are seen as relatively safer trades [3] - Refinery spreads are highlighted as the most straightforward and liquid risk-reward opportunity [3][7] - Excess production from Saudi Arabia is influencing market dynamics [3] Potential Investment Opportunity - If there was a way to invest in the Iranian stock market, it might be a worthwhile opportunity, as the situation may improve [7][8]