Oil Prices Spike on Supply Disruptions and Robust Demand, But Geopolitical Uncertainty Clouds Outlook
• Crude oil prices rose due to tightening physical markets, OPEC+ cuts, demand growth, and geopolitical tensions • Ukraine attacking Russian oil infrastructure caused partial shutdowns, disrupting supply • Houthi rebel attacks on ships in Red Sea increase supply disruption concerns • Demand is increasing across most major economies, especially India and China • Prices could reach $95/barrel in near term, but may retreat later depending on geopolitics