Oil Supply Fears Ease as Saudi Routes Recover

Saudi Arabia has resolved its oil shipment issues by rerouting and restoring deliveries. This move eases short-term supply concerns, despite ongoing risks from damaged infrastructure and restricted Gulf shipping, particularly in the Strait of Hormuz.

Global oil demand is down about 4.4 million barrels compared to last year, which helps absorb Middle Eastern supply losses without significant stock draws.

Natural gas markets remain tight due to low European storage and increased competition, with Europe turning to global spot markets for supplies.