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Oil prices stay elevated amid Iran deal supply worries
The IEA said global oil markets tightened further in July, with demand, supply, refining runs, and inventories affected by geopolitical disruptions.
BNY says crude oil prices remain elevated as doubts over a potential US-Iran deal keep supply concerns in focus.
The International Energy Agency reported that global oil markets tightened further in July, citing impacts across demand, supply, refining runs, and inventories tied to geopolitical disruptions and high fuel prices.
BNY noted that the IEA revised the 2026 demand outlook lower, while observed inventories fell sharply and Brent and WTI moved higher.
The update ties the higher prices to the broader Middle East risk premium reflected in market pricing.
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