Oil dips after gains amid Middle East tensions

Oil prices slightly declined after three days of gains, which had raised concerns about potential supply disruptions in the region due to escalating conflict in the Middle East. Brent crude traded near $106 per barrel, while WTI (West Texas Intermediate) hovered around $93, amid continued declines in diesel prices in New York, despite Moscow’s agreement to increase supplies in response to U.S. requests. The United States confirmed violations of the ceasefire agreement between Kyiv and Moscow, as Ukraine continues its attacks against Russia over the targeting of its energy infrastructure. Oil prices have surged by 70% this year due to energy market turmoil caused by the U.S. conflict with Iran, attacks on Saudi Arabia, and rising tensions in the Strait of Hormuz, which led to some tankers avoiding the Persian Gulf region. Saudi Arabia is seeking to enhance its export capacity through alternative pipelines; Energy Minister stated that "Aramco" could increase its export capacity by 1.2 million barrels per day within seven weeks. The kingdom also plans to boost the capacity of a pipeline crossing the Strait of Hormuz by 40% to 10 million barrels per day within 2-3 years. Although regional oil shipments have recovered to pre-war levels, experts warn that the market remains vulnerable to significant supply disruptions.

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