- Oil rises as Trump dismisses prospect of peace
- WTI climbed $1.15 to $72.92/Bbl Tuesday morning (7:45 AM CT) after President Trump said the US has not reached out to Iran for peace talks “in any way, shape, or form,” adding to market concerns over potential crude disruptions in the Middle East
- Although Iran’s export infrastructure remains untouched, tensions persist
- A tanker collision near the Strait of Hormuz added to trader anxiety, despite Frontline Plc, the vessel’s owner, describing the incident as navigational and unrelated to regional conflict
- Market participants remain uneasy, with analysts split between fears of escalation and hopes for a slow de-escalation, some argue the market is still underpricing worst-case supply risks
- IEA: China’s Oil Demand to Peak in 2027, Global Peak by 2029
- The IEA now expects China’s oil demand to peak in 2027, earlier than previously forecast, as structural changes and energy transition policies take hold
- Global oil demand is projected to peak at 105.5 MMBbl/d in 2029, with growth slowing to a “trickle” in the coming years
- With non-OPEC+ producers continuing to expand output, the IEA sees limited need for additional barrels from the producer group, suggesting a well-supplied market through the end of the decade
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