"A deficit of 20m barrels per day (mb/d) is hitting global [oil market] balances with no sign of relief. To the contrary, President Trump is demanding unconditional surrender, a very unlikely prospect. While observers may have initially thought his disregard for painful oil prices was a bluff, it's now clear that it isn't."
"Brent crude, the international benchmark, climbed 12.2% to $104.05 a barrel as the new week's trading began in the Asia Pacific markets, the first time that market prices have soared above this key psychological threshold since Russia's invasion of Ukraine."
"Fears of a global oil shortfall were compounded late last week by Qatar's energy minister, who predicted that if the war continued unabated all Gulf energy exporters would be forced to shut down production within weeks and oil would rise to $150 a barrel."
Brent crude climbed 12.2% to $104.05 a barrel, marking the first breach above $100 since Russia's invasion of Ukraine. Middle East escalation prompted Kuwait to cut crude production precautionarily. Oil prices have surged two-thirds from $60 at year's start, with the highest weekly gains since the Covid-19 pandemic. The US-Israeli attack on Iran disrupted the Strait of Hormuz trade route. A 20 million barrel daily deficit persists with no relief expected. Trump administration policies regarding oil prices have shifted from perceived bluff to demonstrated commitment. Qatar's energy minister warned that continued conflict could force Gulf exporters to halt production within weeks, potentially pushing prices to $150 per barrel.
Read at www.theguardian.com
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