Oil prices fall to levels not seen since start of US-Israel war on Iran
“This is by no means a stable or sustainable situation. Not for the politics, as we can all see. But also not for the state of the oil market itself in terms of supply, demand and trade.” — Neil Crosby, Head of Research at Sparta Commodities
- Expert: Neil Crosby (Head of Research, Sparta)
- Publication: Al Jazeera
- Market Focus: Crude Oil, Brent Benchmark, Supply/Demand Balance, Freight & Hormuz Flows
- Geographies: Middle East, Strait of Hormuz, Singapore, Global
In a recent analysis for Al Jazeera, Sparta’s Head of Research, Neil Crosby, cautioned that Brent’s slide back below $71 a barrel reflects only “partial conviction” that the US-Israel war on Iran is over, not a stable price floor. With Brent down more than 38 percent from its April peak above $126 and Strait of Hormuz traffic still far below the pre-war level of roughly 130 daily crossings, Crosby flagged that neither the politics nor the oil market’s supply, demand and trade picture has settled. He noted that low prices are likely to draw global crude importers back into the market and clear the glut over time. Traders should watch how quickly stranded barrels clear and whether Hormuz flows normalise before assuming prices hold at pre-war levels.
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