Goh: Long Mideast Conflict Hit Crude Product Prices

🌐 Bloomberg (United States) —

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The Middle East conflict has driven crude oil product prices higher, with the International Energy Agency warning of a 1.8 million barrels per day shortfall in the global oil market this quarter. Oil prices paused after a six-day gain as traders awaited updates on the Strait of Hormuz reopening and oil flow resumption.

Oil took a breather after a six-day gain, as traders await signs of progress on reopening the Strait of Hormuz and the resumption of pre-war flows of oil and gas. The price reprieve comes as the International Energy Agency says the global oil market faces a shortfall of 1.8 million barrels a day this quarter, double an earlier projection. June Goh, Senior Oil Market Analyst at Sparta Commodities spoke to Bloomberg’s Abeer Abu Omar on the movements in the oil market. (Source: Bloomberg)

World Conflict Politics Markets Commodities Energy oil prices Middle East conflict International Energy Agency Strait of Hormuz crude oil energy supply commodities market

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