Reported 2 months ago
Oil prices are currently affected by broader financial market movements and escalating tensions in the Middle East, according to Paul Sankey, president of Sankey Research. He notes that past geopolitical events, such as Iran's actions in 2019 and the Ukraine invasion, have set a low bar for supply disruptions, indicating that while the markets are volatile, they are mainly driving oil prices. On the demand side, he expresses skepticism about China's ability to repeat historical growth patterns, highlighting concerns about inventory strategies and ongoing oil supplies from Iran.
Source: YAHOO