Oil prices steady as Hormuz shipping risks rise
after close1 source ↓written by the desknot a recommendation
- drop in global
- 1.6 million barrels per day
Oil fundamentals are under pressure as shipping traffic through the Strait of Hormuz sharply declined, with only five vessels crossing on Saturday, down from 31 the previous weekend. Geopolitical tensions persist as Iran refuses to engage in U.S. talks, raising disruption risks for crude supplies. The IEA forecasts a 1.6 million barrels per day drop in global oil demand by 2026, influenced by high prices and supply chain issues.
Not investment advice. For informational purposes only.