Oil Market Tightens as Tanker Attacks and Inventory Draws Mount

AI Summary

Brent crude has risen above $106 as tanker attacks in the Strait of Hormuz and falling global inventories tighten oil markets. The article links the price pressure to the US-Israel-Iran war and stronger demand expectations in OPEC's forecast, with market fundamentals outweighing political statements.

Brent crude is once again over $106, Iran is intensifying attacks on tankers in Hormuz, and global inventories are draining, while OPEC just forecast stronger demand for next year. Six months ago, one well-timed TruthSocial post by President Trump would have calmed traders down. Now, this no longer works as fundamentals trump talk. Earlier in the war between the United States and Israel, and Iran, U.S. top officials could push prices lower with a statement about peace talks. There was even a brief ceasefire in June that pressured prices for weeks,…