Oil Market Uncertainty Persists Amid Ongoing Middle East Tensions

The uncertainty in the oil market persists, warns Freedom Broker's senior analyst Sergey Pigarev. Short-term oil price dynamics are unpredictable due to ongoing attacks by pro-Iranian forces in Yemen on Saudi Arabia's infrastructure and potential delays in restarting the East-West oil pipeline.

Last week, WTI crude prices fell 4% to $96.1 per barrel amid expectations of a partial restoration of supplies from Saudi Arabia and diplomatic efforts aimed at halting Houthi attacks on Saudi oil infrastructure.

Geopolitical risks remain high in the Middle East as the Houthis advance toward the Bab el-Mandeb Strait, one of the key routes for transporting oil and petroleum products. The East-West oil pipeline's prolonged restart could limit Saudi Arabia's export capacity.