Oil Price Today: Why Brent Stays Above $100 Despite G7 Supply Boost and Rising Middle East War Risks
- Middle East crude shipments through the Strait of Hormuz recovered to nearly 80% of pre-war levels, while Brent crude remained above $100 per barrel.
- Global oil inventories fell to their lowest level in five years, while demand reached about 104.8 million barrels per day, according to Energy Aspects.
- Tanker costs surged above $1.2 million per day, increasing the transportation share of delivered oil prices.
- Reduced refining capacity in the Middle East and Russia tightened diesel supplies and kept demand strong for crude used to produce fuel.
17 Articles
17 Articles
Oil flows in the Strait of Ormuz returned to 14 million barrels a day last week, for the first time since the war began in Iran; however, the fuel market is still under intense pressure, keeping at 50 percent of pre-war levels.
Why Are Oil Prices Still Above $100 as Gulf Crude Exports Recover?
Oil markets are confronting a new kind of supply shock. The problem is no longer simply how much crude is available, but whether the global energy system can transport and refine it efficiently. Middle East crude flows through the Strait of Hormuz recently reached their highest level since the start of the Iran war, with […]
The oil price remains stuck at levels above $100 per barrel as the new week's trading begins.
New upward pressure is being recorded on international oil prices, with Brent returning above $103 a barrel, as tension in the Middle East and concerns about global inventories overshadow the positive effects of the release of strategic reserves.
Coverage Details
Bias Distribution
- 60% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
