On Tuesday, oil prices are declining due to pressure from concerns over escalating trade tensions. Market participants are worried about the impact of increasing friction between the US and EU on economic activity and fuel demand.
Tensions in the Middle East are heightening concerns among oil market participants, RBC reports. Previously, traders feared an oversupply, but now they are alarmed by the potential loss of up to 90% of Iranian oil exports. The risk of disruptions in crude supplies has led to higher prices.
According to Bloomberg sources, the US government maintains its stance and refuses to lower the price cap on Russian oil sales. This position dampens the EU's hopes for reaching an agreement to reduce the cost of Russian energy supplies during the upcoming G7 summit in Canada.
Two years of escalating tensions in the Middle East have made oil traders increasingly wary of supply disruptions. While energy flows remained stable even during past regional conflicts, the latest rift between Iran and Israel is once again rattling market confidence, Bloomberg reports.
An increase of the indicator value may contribute to the rise in quotes of WTI, Brent.
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
A decrease of the indicator value may contribute to the rise in quotes of NG, WTI, Brent.
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
Kazakhstan continues to ramp up oil exports, ignoring its commitments to OPEC+. According to Bloomberg, citing four traders familiar with the situation, CPC Blend crude supplies through the Russian port of Novorossiysk may reach a record 1.75 million barrels per day in July.
During his speech at the Global Energy Show in Canada on Tuesday, OPEC Secretary General Haitham Al Ghais said that oil demand growth is expected to continue for at least the next 25 years.
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