Oil prices are declining while geopolitical tensions with Iran persist. Markets believe the conflict is de-escalating, contributing to the drop in prices. The likelihood of crude oil reaching new all-time highs by September 30 remains low, with current odds priced at 2 percent. Key actors such as OPEC Secretary General Mohammad Sanusi Barkindo and Saudi Energy Minister Abdulaziz bin Salman Al Saud could influence market sentiment through statements or policy changes. Developments in US-Iran relations and oil production reports will remain crucial in assessing price movements.
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