Oil Rally Extended on US-Iran Tensions and Russian Diesel Ban: ING
ING analysts note that oil prices have extended their rally due to rising geopolitical risks from renewed US-Iran tensions and Russia’s diesel export ban.
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Analysts at ING, including Warren Patterson and Ewa Manthey, report that oil prices have extended their recent rally.
The move is attributed to escalating geopolitical risks, specifically renewed tensions between the US and Iran threatening the fragile ceasefire and potentially disrupting flows through the Strait of Hormuz. Additionally, Russia’s ban on diesel exports is adding further supply-side pressure.
The note highlights that these factors are tightening the oil market outlook.
Source: FXStreet Forex News