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
19 January 2026
Newfound optimism is emerging that a dormant exploration frontier could become a strategic energy play and—whisper it quietly—Europe’s next offshore opportunity
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
