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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amid escalating geopolitical tensions between the United States and Iran, which include fresh ship attacks in the Strait of Hormuz and retaliatory airstrikes, Middle East oil and LNG producers are maintaining loading operations without interruption, according to news reports. This ongoing supply flow temporarily eases market fears of an acute disruption, but the elevated alert over a potential escalation remains.
The developments come as U.S. crude inventories declined by 0.765 million barrels in the week ending June 23, per the American Petroleum Institute (API), adding upward pressure on prices. The data underscores the persistent risk to energy transit through the vital waterway, which handles roughly 20% of global oil supply.
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Sign InAs of the June 29 close, Brent crude futures hover near elevated levels as traders stay wary of any fresh surprise. Market participants now focus on any official statements from Washington and Tehran, as well as the weekly official inventory report from the U.S. Energy Information Administration (EIA), which could determine the next price direction.