Crude Oil Stays Below $100 as Non-OPEC Output Fills Supply Gap

Brent crude oil prices have held steady below $100 despite escalating tensions between the US and Iran, which have raised concerns about supply disruptions.

The market's ability to absorb the shock is largely due to increased output from non-OPEC nations, particularly the US, Canada, and Guyana, which has added 1.4 million barrels per day to global supplies this year.

China's reduced oil demand, driven by its massive 1.7 billion-barrel stockpile and a shift towards alternative energy sources, is also contributing to price stability.

The Strait of Hormuz remains a high-risk zone for tanker traffic, but logistics have adapted with ship-to-ship transfers and alternative routes reducing the impact on global supplies.