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EN590 Commodities GroupEN590 / Diesel 2026-07-23T15:35:13+00:00
The second wave of the US-Iran conflict shows no signs of letting up. Attacks by the Houthi militia have threatened to curtail shipping through the Red Sea. Russia's refineries are buckling under the weight of bombardment by the Ukrainian military. For global oil markets, already in a precarious situation, critical logistical nodes just keep getting thwarted. Things keep going wrong. Oil prices have started rebounding in return, reaching levels not seen since the first weeks of June before the signing of the US-Iran memorandum of understanding as Brent futures (BZ=F) crossed $100 per barrel on Thursday. "If a ceasefire does not materialize," Rystad Energy head of geopolitical analysis Jorge León said, "the risk of a significant rebound in oil prices would be substantial." As the war betwee
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