Brent crude hovered around $100 per barrel after a late‑April spike that touched $126, underscoring the market’s tight supply‑demand balance amid the Iran conflict.
Bank of America analysts recently projected oil to average $83 a barrel for the second half of the year, citing ongoing disruptions to the Strait of Hormuz but expecting gradual traffic recovery.
China’s strategic petroleum reserve now sits at roughly 1.4 billion barrels—its largest stockpile ever—helping the world’s second‑largest consumer absorb shocks from Middle‑East volatility.
Geopolitical tension remains high: Iranian‑backed militias have struck a Saudi pipeline, and the Houthis seized two strategic islands in the Red Sea, further constricting maritime flow.
Looking ahead, oil could swing to $95–$120 if hostilities intensify, with extreme disruptions potentially pushing prices to $150. Traders will monitor Bank of America’s revised forecasts and any new diplomatic moves that could unfreeze the region.