Oil Prices Headed for Tipping Point in August

Oil prices may reach a tipping point in August if demand recovers and the Iran war supply crisis persists, according to ADNOC's executive vice president for sales and trading Philippe Khoury.

Khoury made this statement at the Middle East Petroleum and Gas Conference in London on Tuesday. He noted that transit through the Strait of Hormuz will remain partial and below pre-war levels as long as uncertainty over peace persists, with a full return to pre-war conditions potentially taking until mid-2027.

The crisis triggered by the US-Israeli war has sent oil prices surging and fanned fears of an economic downturn. Economies have been shrinking demand, but if they continue to do so, prices could stay around $100 a barrel, Khoury said.