Geopolitical conflicts impact energy security, multiple favorable factors support crude oil prices

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智通财经2026/07/21 11:56

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The Executive Director of the International Energy Agency (IEA), Fatih Birol, stated that with successive attacks on the Strait of Hormuz and the Bab el-Mandeb Strait, security risks to regional energy facilities are rising, and global crude oil supply uncertainty has increased significantly.
Currently, there are multiple buffers supporting the crude oil market: Gulf oil-producing nations such as Saudi Arabia and the United Arab Emirates are switching transportation routes to ensure crude oil exports. Although strait export volumes have declined from the late June peak, they remain significantly above the average levels from March to mid-June.
The United States, Brazil, Venezuela, and Kazakhstan are simultaneously increasing production and exports, offsetting the reduction in Gulf region supply. Meanwhile, the domestic crude oil import volume has fallen by nearly 50%, further balancing market supply and demand.
IEA member countries continue to release strategic reserves. Since the announcement on March 11 to release 400 million barrels of reserves, 290 million barrels of crude oil have entered the market, continuously easing supply pressure.

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Geopolitical conflicts impact energy security, multiple favorable factors support crude oil prices

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