Brent crude approaches $110 amid geopolitical tensions and prolonged Gulf supply disruptions through 2027.
Brent crude prices climbed toward $110 after a warning that the Iran ceasefire is fragile, compounding supply concerns. Gulf producers indicated repairs to oil infrastructure may extend into 2027, tightening global markets.
China’s April crude imports fell 2.4 million barrels per day month-over-month to 9.25 million b/d, the lowest since July 2022. The decline reflects sourcing challenges and weaker refining margins, adding pressure on already constrained supplies.
Market participants are monitoring geopolitical risks and supply chain delays as key drivers of price volatility.