Oil Markets Remain Unaffected Despite Rising Geopolitical Risks
Despite escalating tensions between the U.S. and Iran, including attacks on critical infrastructure and near-halted Hormuz tanker traffic, oil prices have remained relatively stable at around $86 per barrel for ICE Brent crude. Meanwhile, China's oil imports dropped sharply in June due to supply disruptions from the Gulf war and weak domestic demand.
Topics: Hormuz Strait oil markets shipping disruptions U.S.-Iran tensions