SINGAPORE – Crude oil may get a few more pops from a widening Middle East war but a surge to the highs seen after a Russian invasion of Ukraine in 2022 is highly unlikely given supplies will surpass demand for the liquid needed to run power plants and transport, analysts said.
Global benchmark Brent was trading at US$80.70 per barrel on Oct 8, up 16.6 per cent from a two-year low of US$69.19 in September, amid the latest escalation of the year-long conflict in the Middle East – a region that accounts for about a third of the world’s oil production.