The International Energy Agency warned that commercial oil inventories are being depleted rapidly.
Reported by CNBC, Jeff Currie, executive co-chairman at Abaxx Commodity Exchange, said physical shortages could hit Europe “any day now,” while analysts at Societe Generale have described the market as operating under a “veneer of stability.
Oil is only ticking higher moderately though. US President Donald Trump said he had called off a planned attack on Iran scheduled for Tuesday after leaders from Saudi Arabia, Qatar, and the UAE urged him to hold off. However, Trump also said the U.S. military remains prepared to act if negotiations fail.
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