"Despite some isolated shipments going through, the broader flow of oil tankers was still constrained as the waterway remains effectively closed for traffic."
"Coordinated responses from G7 countries could provide some temporary relief to the market, although they remain unlikely to fully offset ongoing disruptions."
"Without a clear resolution to the tensions within the period announced by the US, volatility is likely to persist, with risks skewed toward further increases in prices."
Crude futures experienced a slight rebound after significant losses, with prices falling below USD 100 a barrel. Optimism regarding negotiations in the Middle East diminished as Iran dismissed claims of diplomatic progress. The Strait of Hormuz remains a critical concern, with oil tanker traffic severely restricted. G7 countries' coordinated responses, including releasing strategic reserves and lifting sanctions, may provide temporary relief but are unlikely to fully mitigate ongoing disruptions. The oil market is expected to remain volatile due to geopolitical tensions, with risks of further price increases.
Read at London Business News | Londonlovesbusiness.com
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