Following a recent escalation between Israel and Iran, oil supplies have not been significantly impacted in the short term. However, analysts warn of ongoing risks, including U.S. approval of sanctions on Iran’s oil sector. ANZ analysts emphasized the uncertain geopolitical landscape and its potential to cause market volatility. Barclays analysts maintain their $90 per barrel forecast for Brent prices this year but acknowledge the elevated geopolitical risk. Meanwhile, preliminary estimates suggest an increase in U.S. crude oil inventories and a decrease in refined product stockpiles last week.
Oil Prices Rise Amidst Lingering Geopolitical Concerns
