If you thought coronavirus had hobbled the oil industry for good, think again. Just a year after a Saudi-Russian price war and the pandemic triggered the worst oil crash in decades, a stunning reversal is under way.

It calls to mind the bumper sticker said to adorn half-tons from Texas to Alberta: “Please God, give me one more oil boom, I promise not to piss it all away next time.”

The moment when that pledge is tested suddenly seems closer than anyone expected six months ago. Crude prices, demand, sector equities, and the mood in the oil patch are all rising.

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