Oil Prices Near $100 as Hornuz Shipping Talks Begin
Crude oil prices have been hovering near $100 per barrel as diplomatic talks between Gulf states and Iran begin in Oman to discuss managing shipping through the Strait of Hormuz.
The meeting is a critical event this week, with oil market analysts closely watching developments that could impact global supply. Despite a decline on Friday, crude prices rose for a second consecutive week.
According to the International Energy Agency (IEA), global oil production fell by 1.6 million barrels per day in August, with over 10 million barrels per day of Gulf output still shut in due to security concerns.
The IEA also projected that total supply will fall 5.7 million barrels per day this year and that the expected Gulf recovery will be delayed until 2027, when it expects an 8 million barrel per day rebound.