Uncertainty reigns in oil markets
Analysts see price drivers both to the upside and to the down
The Brent crude price was back below $70/bl in late May, having peaked above $74/bl in April, but still well above the $60-65/bl range observed during most of Q1. Some of the oil analysis world's most recognisable names discussed the oil market's short-term outlook at the S&P Global Platts Gepec conference in May. The clearest conclusion was that the market faces unprecedented uncertainty on both the demand and supply sides. The most immediate supply issue is disruptions, which—with Iranian and Venezuelan problems compounded by the Druzhba pipeline outage hitting Russian exports—is at "record levels", according to Chris Midgley, global director of analytics at consultancy Platts Analytic
Also in this section
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
