Resumption of rhythmic oil supplies through Hormuz

Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented to TASS on the world oil prices dynamics.

"Supplies from the Strait of Hormuz remained at a high level for literally two days and started to collapse again. The vessels movement in the opposite direction, that is, to the Persian Gulf, is still extremely limited in the number of vessels. In other words, the restoration of rhythmic supplies of oil and petroleum products is still quite far away. Most likely, they will be achieved only by the beginning of August, if there are no further interruptions," Belogoryev said.

According to him, uncertainty in the market remains due to the situation around the negotiations between the United States and Iran, but bidders have already partially adapted to the geopolitical risks. Against this background, the expert expects that in the coming months the price of Brent crude oil will remain above $ 70 per barrel and will fluctuate mainly in the range of $ 70-77 per barrel.

"It's too early to say that the market is about to come to a balance. The situation remains complicated," he added.

Belogoryev noted that, according to his assessment, until the final peace treaty in the Middle East, the price of oil will remain above $ 70, after which it may drop to about $ 65.