Oil prices saw initial gains before retracting on Thursday, as markets assessed the implications of ongoing US-Iran tensions on production and shipping routes in the Middle East. The global benchmarks Brent and WTI had previously reached elevated levels due to the conflict and concerns over critical supply routes such as the Strait of Hormuz. The International Energy Agency warned of potential disruptions to oil markets should tensions escalate further. Prediction markets indicate a low probability of crude oil reaching a new all-time high by September 30, with a modest increase expected by December 31. Mohammad Sanusi Barkindo of OPEC and Fatih Birol of the IEA remain key figures whose statements could influence market perceptions.
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