Crude oil futures have seen a slight uptick as geopolitical tensions, particularly in Eastern Europe, continue to threaten supply. Russian President Putin's conditional support for a ceasefire suggests that oil supplies may remain restricted, providing some cushion for prices. However, the market is weighed down by revised forecasts from the International Energy Agency, which predicts a surplus of 600,000 barrels per day in 2025 due to higher supply and slower demand. Additionally, new U.S. sanctions on Iranian oil further complicate the outlook, potentially tightening global supply.
Despite geopolitical tensions in Eastern Europe and new U.S. sanctions on Iranian oil, crude oil futures showed a slight recovery amid ongoing uncertainties.
The International Energy Agency's revision of the 2025 surplus forecast to 600,000 barrels per day indicates growing supply alongside slowing global demand.
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