Crude oil prices are set to post a 5% weekly gain as stalled US-Iran talks and Hormuz attacks push oil prices toward the $100 threshold.
This week, a surprising 17-million-barrel build in US crude inventories has offset some of the overall bullishness; however, if the pace of naval attacks continues, ICE Brent could jump from its current $88 per barrel closer to the $100 mark.
OPEC keeps trimming its oil-demand outlook, while the IEA predicts that global supply will fall by 4.3 million b/d in 2026.
Saudi Aramco is negotiating September supplies, and Ukraine has proposed a Black Sea shipping truce with Russia.
