OPEC+ ended its production cuts early this year and since then, global supply has exceeded demand, leading to an increase in inventories. However, the recent escalation of the conflict between Israel and Iran has caused a sharp rise — WTI surged more than 7% on June 13, reaching around 70$ per barrel, amid fears of potential disruptions in the Strait of Hormuz. We should be on the lookout for possible additional volatility if tensions escalate or if OPEC+ adjusts production. Experts expect oil to be bought in a range of $72—78, with a possible breakout above 80$ if the conflict intensifies.
