USDJPY
EURUSD
GOLD
Oil prices down 4% as Trump hesitates on Iran strikes. Why Scotia says it will get worse
Key Takeaways (30s Read)
Oil prices fell 4% as Trump hesitates on strikes against Iran. Scotia forecasts further declines due to oversupply.
Oil prices are currently facing downward pressure as President Trump hesitates on military strikes against Iran. Recent reports indicated heightened tensions, leading to a short-lived surge in prices before Trump's de-escalation remarks. Currently, WTI crude oil is trading at $59.08, down from recent highs. Scotiabank suggests that the ongoing oversupply issues will prevent any substantial recovery in prices, projecting significant surpluses in oil production compared to demand through 2026. The analysts argue that without a change in strategy from Saudi Arabia, prices are likely to remain depressed. The market sentiment is cautious, with some suggesting a long-term buy at $46, reflecting both strategic opportunities and inherent market risks.
AI Analyst
AI Opinion
"The oil market is currently navigating a complex situation. President Trump's hesitation regarding military intervention in Iran influences market sentiment and price volatility. As noted by Scotiabank, persistent oversupply is a critical issue that may jeopardize market stability for years to come. The actions of Saudi Arabia and OPEC will be crucial in determining future price movements. While oil prices may remain under pressure in the short term, long-term buying opportunities could arise, but traders should approach with a careful assessment of risk and market conditions."
RECOMMENDED BROKER Trusted Broker
Maximize This Opportunity.
Turn AI-detected market inefficiencies into profit with industry-leading specs. There's a reason pros choose Exness.
Raw Spreads
0.0 pips~
Leverage
Unlimited
Execution
Instant
AI Market Analysis Team
Combining advanced AI algorithms with professional trader insights. We analyze market drivers 24/7 to provide objective trading scenarios.