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Brent nears $97 despite Gulf supply gains
Brent crude prices remain near $97 per barrel, despite oil exports from the Gulf returning to average levels of 2025 at approximately 23.3 million barrels per day, amid ongoing geopolitical concerns and attacks on energy infrastructure. Goldman Sachs analysts clarified that the rise in exports was mainly concentrated on shipments through the Strait of Hormuz and vessel-to-vessel transfers, with Saudi Arabia increasing its exports and Iran’s exports decreasing to less than 20% of their usual levels. While crude oil exports surpassed previous levels by 8%, exports of refined products such as diesel and gasoline remained at half their usual levels due to refinery disruptions and heightened shipping risks. It is expected that Brent prices will decrease to $85 by year's end due to weak Chinese demand, although declining global inventories and traders' concerns about potential escalation are currently limiting further price declines.
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