"Market attention is sharply focused on the risks of a new escalation in US-Iran tensions ahead of Thursday's scheduled talks in Geneva. Any escalation could threaten tanker traffic through the Strait of Hormuz, a critical chokepoint for seaborne crude."
"The American Petroleum Institute reported a sharp jump in crude stocks, approximately 11.4 million barrels for the week ending February 20. Today's Energy Information Administration data release could weigh on the market to a certain extent if it confirms the build-up."
"The group is reportedly leaning toward resuming output increases starting in April, with a formal decision expected at the March 1 meeting. Additional supply could fuel increased concerns about an oversupplied market."
Oil prices held steady near multi-month highs as geopolitical tensions between the US and Iran created market uncertainty ahead of Geneva talks on Thursday. Concerns about potential escalation could disrupt tanker traffic through the Strait of Hormuz, a critical crude oil chokepoint. Conversely, diplomatic breakthrough hopes may limit price gains. Bearish pressure emerged from US crude inventory data, with the American Petroleum Institute reporting an 11.4 million barrel increase for the week ending February 20. Additional downward pressure may come from today's Energy Information Administration release. Looking forward, OPEC+ is considering resuming output increases in April, with a formal decision scheduled for March 1, potentially increasing oversupply concerns.
Read at London Business News | Londonlovesbusiness.com
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