The pump in oil prices is braking, and worry-free physical supply will bring the market back to rationality

2024-04-19 07:28:15

The current pump of oil prices is just over 1%, compared with a previous pump of 4.2%. There is yet no evidence of a real supply disruption, although any escalation of tensions in the Middle East could disrupt oil shipments in the Strait of Hormuz or lead to another Iranian-backed Houthi attack on ships in the Red Sea. Edward Bell, head of market economics at Emirates NBD PJSC in Dubai, said the geopolitical atmosphere does exist before heading into next week’s trading, but has anything changed about the physical supply or transportation of petroleum products?

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