Oil prices hover near $100 as Middle East supply holds up, Gulf risks persist

AI Summary

Oil prices are near $100 a barrel as steady Middle Eastern exports offset concerns about regional conflict and Houthi attacks disrupting supply. Industry leaders say rebuilding depleted global stockpiles could take years, while a demand recovery may not arrive until 2028 or 2029.

Oil prices are currently around $100 a barrel as stable Middle Eastern exports ease supply concerns. However, ongoing regional conflicts, including Houthi attacks, raise risks of disruptions. Officials indicate that rebuilding global oil stockpiles could take years due to significant withdrawals. Industry executives predict that demand recovery may not occur until 2028 or 2029. Prices may stabilize at around $70 a barrel depending on future production levels.