US-Iran strikes are a reminder of upside risks to prices

The latest exchange of military strikes in the Middle East supports our view that oil prices will be volatile over the coming months, and will face bouts of upward pressure. That said, under the assumption that some form of a ceasefire ends up holding and oil flows continue to recover, we think Brent crude prices will settle close to current levels at the end of this year.

Note: We’ll be discussing the developments in the Middle East as well as the key takeaways from our latest Commodities Outlook in an online Drop-In briefing on Thursday, 9th July. Register here to join the session.