Our Middle East & North Africa Chart Pack has been updated with the latest data and our analysis of recent developments.
The US-brokered Iran-Israel ceasefire has allayed fears of the conflict spilling over into the Gulf and concerns about a closure of the Strait of Hormuz have diminished. This has eased the risks to the Gulf’s capacity to ship oil to market, but it has also removed upside pressures on oil prices. We expect that OPEC+ will continue to press ahead with its aggressive oil policy of unwinding output cuts. Saudi Arabia and the UAE stand to gain the most. If the ceasefire holds, it should remove some pressure on external positions in Jordan and Egypt too.
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