Lates News

Analyst Phillip Nova and Priyanka Sachdeva wrote in their report that the Brent crude oil price breaking through $100 per barrel signals a tightening of supply. The ongoing unstable geopolitical background continues to bring about a "war premium," with transportation in the Strait of Hormuz still restricted. The lack of progress in US-Iran negotiations has heightened concerns in the market about the duration of potential disruptions in Middle Eastern supply. Sachdeva stated that if oil prices continue to rise towards $110 to $120 per barrel, the downside risks to global economic growth prospects may exacerbate, especially for economies reliant on oil imports. "Setbacks in diplomacy are causing the market to be more driven by geopolitical news rather than traditional supply and demand fundamentals."