16 Hrs
Source:
الاقتصادية
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Oil drops after US exempts Russia from sanctions
Oil prices rose modestly today, Wednesday, despite ongoing geopolitical risks in the Gulf region. Oil tankers have been affected by attacks and naval mines near the Strait of Hormuz, which caused Brent crude to surpass $110 per barrel. Meanwhile, US oil inventories declined by 4.9 million barrels last week, marking the third consecutive weekly drop, with gasoline and distillate stocks also decreasing. By 2026, Brent's price is projected to jump by nearly 80%, driven by persistent supply disruptions in the Middle East, Russia, and Ukraine, along with increasing attacks on oil tankers and infrastructure. This reflects continued geopolitical risks that hinder energy market stability despite the recovery of oil flows from the Gulf. Negotiations to de-escalate tensions are ongoing but have yet to reach a final agreement, as oil flows through the Strait of Hormuz remain below U.S. expectations. With the situation continuing to escalate, the market remains highly vulnerable to risks.
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