Oil Prices Soar Above $91 as Supply Concerns Mount

Oil prices continued their upward trend for a third consecutive session, reaching above $91 per barrel as Brent traded on ICE. The rally is being driven by concerns over supply disruptions due to US President Donald Trump's decision not to extend the US-Iran peace agreement and ongoing security issues in the Strait of Hormuz.

The Saudi Arabian oil giant, Aramco, has been marketing Arab Medium and Arab Heavy grades via ship-to-ship transfers from terminals including Sohar, indicating an effort to expand export routes outside the Persian Gulf. Meanwhile, Chinese refinery throughput fell 15.8% year-on-year to 12.5 million barrels per day in July, highlighting weak refining activity.

Apparent oil demand declined 17.5% year-over-year to 12.04 million barrels per day amid softer industrial activity and growing electric vehicle adoption. US natural gas prices fell 3.5%, pressured by rising production and comfortable storage levels.