Written by: Suhaib Shams
Market analyses have predicted that crude oil prices will remain volatile with an upward bias, in light of escalating tensions between the United States and Iran, and the risks this entails for global energy supplies.
US Midterm Elections and Their Impact on Prices
Analysts indicated that the results of the US midterm elections, specifically Washington's stance toward Tehran, will constitute a major catalyst for price movements in the coming period.
Strait of Hormuz Risks Support Gains
Concerns associated with the safety of navigation in the Strait of Hormuz, a vital corridor for oil exports, have contributed to driving prices higher, as Brent crude approached the level of $118 per barrel.
Supply Concerns Dominate the Market
Fears of supply disruptions dominate market sentiment, amid investors awaiting any geopolitical developments that may affect oil flows from the Gulf region.
