ING Warns of Elevated Oil Supply Risks as Prices Rebound From Pullback

Crude oil prices reversed recent declines as persistent supply vulnerabilities outweighed diplomatic hopes between the U.S. and Iran. Brent crude previously pulled back from $108 per barrel to $100 per barrel amid higher-than-expected Saudi shipments, but ING Bank strategists Warren Patterson and Ewa Manthey emphasized that supply-side risks remain elevated. Physical balances tightened further after an armed group in Libya shut a pipeline valve connecting the Sharara oilfield to the Zawiya terminal, cutting output from roughly 340,000 to around 127,000 barrels per day. Meanwhile, U.S. sanctions threats against Iranian airlines continue to stoke geopolitical tensions.