Oil steady near $98 amid Middle East recovery

Oil prices stabilized near $98 per barrel for Brent and $90 for West Texas Intermediate, despite a 1.9% increase in the previous session, amid a wave of uncertainty regarding the continuation of oil flows from the Middle East. Estimates indicate that oil flows from the region are nearing pre-war levels, although supplies have not fully recovered, reflecting tensions caused by the Iran war, attacks on ships, and pipeline incidents. Risks are escalating concerning the potential impact of escalating conflicts on the oil market, especially given ongoing volatility resulting from the lack of a permanent agreement between Washington and Tehran, as well as a significant drawdown in U.S. inventories. Reports suggest that approximately 23 million barrels per day left the region last week, with U.S. stocks declining sharply, increasing the likelihood of market disruptions, while oil continues to fluctuate amid political and military uncertainties.

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