The 6% fall in the price of Brent oil this week, to around $84 per barrel at the time of writing, was at least partly driven by receding fears that an escalation of hostilities in the Middle East could imperil oil supply. That said, geopolitics in the Middle East will still be the focus in oil markets over the next two months. Not only because the possibility of an escalation still lingers, but also because OPEC+ will meet in June to set oil production targets for July onwards.
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