With the ongoing crisis in the shipping and refining of oil the price of a barrel of Brent Crude is now trading at $113.
With the G7 countries releasing 100 million barrels of reserve oil in response to the ongoing crisis earlier in the month, there hasn't actually been even a slight easing in prices.
The International Energy Agency no longer expects the Strait of Hormuz to reopen to shipping this year, with 2026 and 2027 becoming “a lost period” for growth in global oil demand.
As we head into winter months analysts are predicting continued uncertainty.
