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Commodities

Global Oil Prices Defy Expectations, Drop to 10-Month Lows

Guavy AI Editorial Team
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Oil
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Global oil prices have defied expectations and dropped to $100-$110 per barrel after the Strait of Hormuz was shut due to the US-Iran conflict, with analysts attributing this to demand destruction caused by high oil prices.

According to Saxo Bank analyst Ole Hansen, 'demand destruction is proving stronger and more widespread than expected.'

The scale of China's response has been significant, with Chinese refiners reducing production by almost 20% from pre-war levels and slashing imports.

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