Details
“While the risks associated with supply through the Strait of Hormuz remain quite serious, the current price decline appears to be more a consequence of position adjustment and risk management rather than indicative of any significant improvement supply situation,” said Priyanka Sachdeva, head of market analysis at Phillip Nova.
Context
“Concerns about renewed hostilities in the Middle East, which largely drove up oil prices last week, have eased this morning, but that relief may be temporary,” she said. vanda Insights, a company specializing in oil market analysis, Vandana Hari.
What's next
Prices closed nearly $3 higher on Friday after Houthi attacks in Saudi Arabia heightened concerns about energy supplies. Brent crude ended the week up 6% and WTI up 2.3%.
According to her, US President Donald Trump did not dispel market expectations that after the midterm elections on November 3, there could still be strikes on Iran.
