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#OilEdgesHigher *#OilEdgesHigher* — yep, oil’s been pushing up lately.
Here’s what’s driving it right now:
*Latest moves*
- *Brent*: settled up 1.4% at $88.91/bbl after hitting $90 earlier. It’s had a 5-day rally
- *WTI*: up 1.3% to $83.20/bbl
- Earlier this month Brent even broke back above *$100.69/bbl* — first time in ∼2 months — after Houthi attacks on Saudi tankers in the Red Sea 7511f95cef03
*Why prices are edging up*
- *Geopolitics*: Doubts about progress in U.S.-Iran talks and new hardline appointments in Iran. Plus Houthi strikes on tankers threatening both the Strait of Hormuz and the Bab-el-Mandeb route
- *Supply concerns*: Shipping through Hormuz still below normal. Kazakhstan cut output after drone attacks, and Russian fuel exports are constrained
- *Low inventories*: Global stocks are low, including the U.S. Strategic Petroleum Reserve 75115783ef03ba1af95c
*What analysts are saying*
- Short term: “oil’s going to go higher because of the rise in geopolitical risk”
- But some see it as temporary — if diplomacy works and there are no major infrastructure hits, we could see oversupply in 30-60 days
- Goldman even flagged a scenario where Brent could exceed $120 if Hormuz stays disrupted through 2027 aed88710
The market’s basically trading the risk premium right now. If shipping normalizes or talks progress, that premium could unwind. ba1a
Want me to pull live prices for Brent/WTI right now, or look at how this might affect fuel prices in Bangladesh?