ING: Supply risks support Brent oil valuations

ING strategists Warren Patterson and Ewa Manthey point to increasing oil supply disruptions across the Middle East and Black Sea. They cite risks to Saudi crude exports passing through the Red Sea, renewed tensions in the Persian Gulf, and halted flows from Kazakhstan via Russia's CPC pipeline.

These factors are seen as supportive for Brent crude valuations, reinforcing supply-side concerns in the global oil market.