Global Market Oil Supply Faces Short-term Pressure

 The International Energy Agency recently released its February International Oil Market Report, which shows that due to the escalation of geopolitical tensions, severe storms and extreme temperatures in North America, as well as a decline in oil exports from Kazakhstan, Russia, and Venezuela, global oil supply in January decreased by 1.2 million barrels per day, to 106.6 million barrels per day. The global benchmark Brent crude oil price recently broke through the $70 per barrel mark, reaching its highest level since September 2025.

 The report shows that in January, the intensification of geopolitical tensions between Iran and the United States pushed up oil prices. Although international oil prices initially declined in early February due to news of progress in negotiations to ease tensions, they quickly rebounded after the U.S. government advised ships to avoid Iranian waters when navigating the Strait of Hormuz. The recent escalation of tensions between the US and Iran has significantly pushed up international oil prices, demonstrating that the oil market remains highly sensitive to geopolitical uncertainties.