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Strait of Hormuz tensions keep Brent near USD 94, Commerzbank says
Commerzbank warns further diesel and inventory drawdowns could push product prices higher, with Brent still well below its April peak despite nearly a 20% monthly rise.
Commerzbank analyst Barbara Lambrecht said tensions around the Strait of Hormuz and tight diesel inventories are continuing to support Brent prices.
In its view, global oil inventories have fallen to multi-year lows, and additional stock drawdowns could raise product prices further.
Lambrecht noted that although Iranian oil exports are already severely constrained by a US naval blockade, the market could become even tighter as attention turns to inventory trends.
FXStreet’s wrap also referenced Brent trading near USD 94, roughly 20% above early-August lows, while remaining below its April peak.
Latest closeBrent $88.59 ▲1.8%