Brent and West Texas Intermediate (WTI) crude are expected to fall by around 12% this week despite recent attacks on tankers in the Gulf and the Strait of Hormuz. Markets are focusing on the prospect of de-escalation in the Middle East, outweighing immediate concerns about supply disruptions from the tanker incidents. Futures indicate Brent at approximately $99.86 per barrel and WTI at $91.62, following a rebound from an earlier 8% slump on Wednesday. Observers will monitor statements from OPEP’s Mohammad Sanusi Barkindo and Saudi Energy Minister Abdulaziz bin Salman Al Saud, along with any changes in oil production policy or geopolitical stability.
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