Oil prices rise on geopolitical risks and supply concerns
Oil prices have risen for three consecutive sessions, with Brent trading above $91/bbl due to geopolitical risks and supply concerns. Saudi Arabia is expanding export routes, while Chinese refinery throughput has fallen 15.8% YoY, indicating weak demand.
pre-market1 source ↓written by the desknot a recommendation
- refinery throughput fell
- 15.8% YoY
- in July
- 12.5m b/d
Oil prices have extended gains for a third consecutive session, with Brent trading above $91/bbl. This rally is driven by rising geopolitical risks, particularly following US President Trump's decision not to extend the US-Iran peace agreement, raising fears of supply disruptions in the Strait of Hormuz.
• Saudi Arabia is reportedly expanding export routes, offering crude cargoes from Oman.
• Chinese refinery throughput fell 15.8% YoY to 12.5m b/d in July, indicating weak demand.
These factors may keep oil prices elevated in the near term.
Not investment advice. For informational purposes only.