Brent Crude Climbs on Worries of Possible Iran US Conflict

Supply Surplus Warning

While geopolitics dominate the headlines, the underlying fundamental remains bearish. The IEA projects a supply surplus of nearly 4 mb/d this year, as record production from Guyana and Brazil hits the Atlantic market.

Saudi Pricing Strategy

Saudi Arabia cut prices for Asian buyers by less than expected, signaling confidence in regional demand. However, prices remain near the lowest levels since late 2020 as OPEC+ balances market share with price stability.