The oil market is experiencing significant volatility due to the resurgence of hostilities between the US and Iran, with Brent crude prices soaring to USD 85.9 per barrel and WTI breaching USD 80 per barrel.
The conflict has led to further military actions and threats, including the possible re-imposition of a US blockade on the Strait of Hormuz, which complicates the global oil supply outlook.
Meanwhile, global oil production showed a partial recovery, reaching 98.8 Mn bpd in June, driven by increased exports from the UAE, although levels remain substantially below pre-war averages.
As tensions escalate, analysts predict sustained upward pressure on oil prices, while demand forecasts have been adjusted downwards as a response to the geopolitical environment and ongoing supply constraints.