MidEast Still A 'Highly Uncertain Environment' for Oil, Says Daan Struyven

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Daan Struyven of Goldman Sachs cautioned about continued significant risks in Middle East oil markets despite a US-Iran ceasefire and resumed tanker movements through the Strait of Hormuz. He highlighted China's plans to rebuild oil reserves amid recent energy supply shocks.

Daan Struyven, co-head of global commodities research at Goldman Sachs, said that despite a cease fire between the US and Iran and oil tankers moving through the Strait of Hormuz, the risks around oil remain 'very, very significant.' Struyven said that oil import weakness in China is not sustainable and the country will aim to restock their oil supply, as well as turn to other sources of energy in the wake of recent energy supply shock. (Source: Bloomberg)