StanChart: Bearish Oil Glut Narrative Fades as Brent Breaks $70
Crude Oil Prices Today | OilPrice.com • • business
Key Points:
- Oil prices surged to multi-month highs, with Brent crude surpassing $70 per barrel for the first time since July 2025, driven by reports that U.S. President Donald Trump is considering targeted strikes on Iranian military sites amid regime change efforts.
- Protests and severe economic turmoil in Iran, including a catastrophic devaluation of the Iranian rial, have contributed to market instability and concerns over supply disruptions.
- Commodity analysts at Standard Chartered note a weakening bearish oversupply narrative, with energy agencies revising 2026 oil demand growth forecasts upward, though overall growth remains modest due to rising transportation electrification.
- U.S. shale output growth is slowing as low prices force producers like Continental Resources to halt drilling in key basins such
