Oil Markets React to U.S.-Iran Tensions and Political Uncertainty

Oil markets are experiencing volatility due to escalating tensions between Israel and Iran, with uncertainties surrounding US intervention under President Trump. Brent crude fluctuated between $70.56 and $79.04 per barrel, influenced more by geopolitical developments than traditional factors like OPEC+ or Chinese imports. Meanwhile, Iran is discounting its oil to boost exports, and other global oil activities include Chevron's divestment plans, Kazakhstan's OPEC+ stance, and Canada's LNG projects. The conflict has also led to operational disruptions in Israel and increased geopolitical tensions in oil exploration and production worldwide.