Brent Climbs Toward $96 Amid Volatile Middle East Tensions

ANZ analysts warn that while existing inventories initially masked supply shocks, these buffers are rapidly diminishing, forcing the market into a precarious state of adaptation. Although ING reports suggest that Iraqi exports remain stable at 2.35 million barrels daily—aided by Iranian transit permissions through the Strait—the geopolitical atmosphere remains volatile. Saudi Arabia’s decision to keep October pricing for Arab Light unchanged provides a rare signal of stability, yet fuel supplies across the globe remain tight.

U.S. Vice President JD Vance confirmed that Washington has no intention of initiating peace talks until Iran ceases attacks on commercial shipping. This hardened stance, coupled with Israel’s vow to target Iranian energy infrastructure, keeps upward pressure on prices. Market participants are now watching for any sign that the flow of tankers through Hormuz might falter, a shift that would fundamentally alter the current price trajectory.