ING's Warren Patterson has revised oil price forecasts upward, citing tight conditions in Brent crude and refined product markets. This adjustment reflects ongoing supply constraints as exports from the Persian Gulf have remained at roughly half of their pre-war levels, according to FX Street.
The sustained lower export volumes from the Persian Gulf continue to pressure global oil supplies, contributing to the tighter market dynamics that ING highlights. Brent crude, a key benchmark for global oil prices, remains under upward pressure due to these supply limitations.
For Japanese investors and traders, these developments underscore the importance of monitoring Middle Eastern supply risks, which can influence energy costs and market volatility across FX, equities, and commodities sectors.