Oil Prices Stable Amid US-Iran Tensions

Oil prices remained relatively stable despite ongoing tensions between the US and Iran, with Brent crude ending flat at the end of yesterday's session. The lack of fresh developments in the conflict contributed to this calm market behavior.

The Energy Information Administration (EIA) reported a significant increase in US commercial crude oil inventories, rising by 17.42 million barrels over the last week. This is the largest weekly increase since January 2023.

According to the International Energy Agency (IEA), the global oil market will be in a deficit of 1.8 million barrels per day in the third quarter of this year, with supply growth being outweighed by rising demand.