Adding to market support, Saudi Aramco’s CEO said concerns about a global oil glut may be overstated. He pointed to strong underlying demand, with global oil consumption reaching record levels last year and expected to rise further in 2026.
This view contrasts with the International Energy Agency, which recently repeated that global oil supply is likely to exceed demand this year, even after slightly raising its demand growth forecast.
A weaker US dollar also helped oil prices, as it made dollar-priced commodities cheaper for global buyers.
Market watches Middle East closely
As traders weigh demand data against rising geopolitical risks, oil markets remain sensitive to developments in the Middle East. Any escalation involving Iran could quickly affect prices in the days ahead.