Reports that Israel assured the Biden administration it won't attack Iranian nuclear sites brought down fears of supply disruptions, causing a 5 percent drop in oil prices.
Despite over a year of Middle Eastern conflict, oil prices have remained stable due to balancing fears of supply disruptions against weak demand, particularly from China.
The International Energy Agency forecasts a prolonged decrease in global oil consumption as factors like electric vehicle adoption and increased energy efficiency reshape oil usage.
OPEC Plus members are currently limiting output to bolster prices, but discussions about increasing production could further influence market dynamics.
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