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Oil fails to rise amid Iran tensions
Despite the escalation of tensions with Iran in late February, crude oil prices did not exceed the significant expectations that predicted they could reach $150 or even $200 per barrel. The price of Brent crude peaked at around $126, with an average of $101 during the period from late February to June. Several factors contributed to the limited increase in prices, including China's reduced oil imports amidst declining domestic consumption and a slowdown in the petrochemical sector. Additionally, U.S. oil production reached a record high of 13.93 million barrels per day in April, and the United States cooperated with the International Energy Agency to release strategic reserves to mitigate supply disruptions. The market was also influenced by President Trump's statements, which raised hopes about the possible resumption of oil flows through the Strait of Hormuz, as well as decreased liquidity in the oil market, which contributed to a relative decline in prices. Despite Saudi Arabia's efforts to compensate for the shortfall of shipments passing through the Strait of Hormuz, the abundance of actual oil supply restrained the market's reaction to the military escalation, preventing drastic jumps in prices so far.
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