WS #16367
Brent crude is trading above $100, driven by escalating Houthi strikes and US evacuations in the Gulf, pushing prices to five-month highs. Chevron is attempting to counter this supply risk by accelerating its goal to triple oil and gas production in Argentina by 2035. The market is closely watching betting markets for a potential US-Iran ceasefire, which would act as a significant bearish catalyst for oil prices, currently keeping the risk premium elevated.
Oil Supply Shock and Geopolitical Risk
Brent crude is trading above $100, driven by escalating Houthi strikes and US evacuations in the Gulf, pushing prices to five-month highs. Chevron is attempting to counter this supply risk by accelerating its goal to triple oil and gas production in Argentina by 2035. The market is closely watching betting markets for a potential US-Iran ceasefire, which would act as a significant bearish catalyst for oil prices, currently keeping the risk premium elevated.