The latest run higher in oil prices is predominantly the function of unplanned supply and export disruptions and there is a cornucopia of events that falls into this category.
Oil prices retain a positive bias and it would have been a woeful performance from those that gathered at the OPEC JMMC if any intimation of increased supply from members had been uttered.
It can cynically be called ‘special military operation’ or a few thousand miles south, perhaps justifiably, the right to defend oneself. The fact of the matter, however, is that wars are raging in Eastern Europe and in the Middle East.
Copyright © 2026 TP ICAP