Oil Prices Stay Elevated as Supply Tightens, BNY Says

BNY notes that crude oil prices remain elevated as doubts over a U.S.–Iran deal heighten supply concerns. The bank highlights that the market is still pricing in restricted supply rather than softer geopolitical risk.

The IEA reports that global oil markets tightened further in July, with demand, supply, refining runs and inventories all affected by geopolitical disruptions and high fuel costs. The setup leaves oil prices supported by supply-side pressure.