Oil: Upside risks persist as deal optimism fades – ING
ING analysts Warren Patterson and Ewa Manthey note that Oil prices are firmer as optimism over a potential US–Iran deal fades, keeping supply risks elevated.
ING analysts, Warren Patterson and Ewa Manthey, highlight that oil prices remain firm as the prospect of a US-Iran deal wanes, keeping supply risks elevated. They note that despite occasional disruptions, oil continues to flow through the Strait of Hormuz, with Iraq's state oil marketing company reporting around 2 million barrels per day in August.
This is in stark contrast to Iraq's pre-war output of approximately 3.4 million barrels per day through the same route. The oil market's sensitivity to headlines ensures that prices fluctuate, with risks currently tilted towards the upside for oil into the Northern hemisphere winter.
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