The strategic position of the Strait of Hormuz is like the heart valve of the global energy system.

Trump also threatened punitive measures, including tariffs and sanctions, against Russia and its allies if the Russia-Ukraine conflict was not resolved quickly.

The Trump administration has threatened to impose tariffs of up to 25% on Canadian imports as early as February 1.

China fails to roll out major financial support, disappointing investors.

Although Francine's power has now weakened from the previous hurricane level, it still leads to a massive shutdown in the Gulf of Mexico.

In its latest monthly report, OPEC lowered its forecast for global oil demand growth in 2024 for the second consecutive time, reflecting the challenges faced by OPEC and OPEC+ in balancing supply and demand in the current market environment.

Banks, including Goldman Sachs and Morgan Stanley, have downgraded their oil price forecasts for next year.

Blinken Reveals Israel Has Accepted Proposal to Bridge Differences Hindering Gaza Ceasefire and Hostage Release.

In the long run, there is some uncertainty about the volatility of oil prices.

If it were not for the continued supply cuts by OPEC+ and the intensification of conflicts in the Middle East, the decline in oil prices could be more severe.

Market would be wary of Iran's ability to exacerbate tensions by controlling the Strait of Hormuz.

Originally, under the stimulus of OPEC+ production cuts and expectations of US interest rate cuts, crude oil had risen slightly since the beginning of the year.

Markets expect weak U.S. economic data to drive the pace of Fed rate cuts, while lower rates may boost oil price bulls.

In the market, traders are concerned about weak gasoline consumption during the peak summer driving season in the United States.

Despite multiple positives, ING still says it expects oil price upside to remain limited until it sees a reduction in supply.

Despite the continuous rise in oil prices, domestic oil production in the United States remains at a level of 13.1 million barrels per day.

U.S. crude exports have set five new monthly records since the West began imposing sanctions on Russia in 2022.

OPEC + will consider extending the voluntary production cut agreement into the second quarter in order to provide additional support to the market, three OPEC + sources said, two of which said the deal could last until the end of the year.。

On Monday, February 26, as European diesel demand was constrained by Russian sanctions and shipping disruptions, the market was uneasy about oil prices amid restrictions on U.S. refinery production due to planned overhauls.。

On Feb. 23 (last Friday), oil prices fell nearly 3 percent and hit a weekly decline after Federal Reserve Williams said a rate cut could be delayed for at least another two months。