Oil market watchers entered 2026 widely in agreement on an emerging multibillion-barrel glut that was sure to depress prices throughout the year. That is not what they received.
Instead, a series of unexpected geopolitical catalysts — above all, the war in Iran — pushed oil prices to levels not seen since 2022, creating the largest energy supply shock on record and forcing traders to set aside all expectations for the first half of the year.
Now, with Persian Gulf oil exports renormalizing as the war in Iran seemingly winds down, traders enter the second half of the year in an uneasy calm after the storm.
Jake Conley | Yahoo Finance