MOSCOW, June 30. /TASS/. Steady supplies of oil and petroleum products through the Strait of Hormuz could resume by early August if there is no further escalation of the conflict in the Middle East, research director at the Institute of Energy and Finance Alexey Belogoryev told TASS.
"Supplies through the Strait of Hormuz remained at a high level for literally two days and then began to collapse again. Vessel traffic in the opposite direction, that is, into the Persian Gulf, remains extremely limited in terms of the number of ships. So, the restoration of steady oil and petroleum product supplies is still quite far away. Most likely, this can only be achieved by early August, provided there are no further disruptions," Belogoryev said.
According to him, uncertainty on the market persists because of the situation surrounding US-Iran negotiations, although market participants have already partially adapted to geopolitical risks. Against this backdrop, the expert expects Brent crude prices to remain above $70 per barrel in the coming months and fluctuate primarily within the $70-77 per barrel range.
"It is still too early to say that the market is about to return to balance. The situation remains complicated," he added. Belogoryev noted that, in his assessment, oil prices will remain above $70 until a final peace agreement is reached in the Middle East, after which they could decline to around $65 per barrel.
