The global oil market appears to have entered a new ‘bear’ era. This was demonstrated, in particular, by the 12-day war between Israel and Iran. Despite enormous geopolitical risks and the threat of the Strait of Hormuz being blocked, the market's reaction was restrained and short-lived. Oil prices are under pressure from fundamental factors. Supply growth is outpacing demand, while OPEC+, against this backdrop, is ‘relaxing’ voluntary production cuts, thereby further increasing the m...
