Oil prices poised for largest March gain
The energy market experienced notable gains in July, with oil prices recording the largest monthly increase since March. Brent crude rose close to $88 per barrel, marking an almost 20% increase over the month, despite trading within a limited range and experiencing volatility at the end of the week. This escalation comes amid rising tensions between the United States and Iran, intensified attacks in the Gulf and the Strait of Hormuz, as well as a Saudi-led initiative, supported by an international naval coalition, to safeguard navigation in the Red Sea and its surrounding areas. Additionally, U.S. oil inventories continue to decline amid prospects of increased supply disruptions caused by attacks on tankers and the halted export operations from Kazakhstan. These events could potentially push the global economy toward a recession, according to the International Monetary Fund’s assessment. ExxonMobil and Chevron are set to announce their earnings soon, amid expectations that the current conflicts will impact the market.
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