Geopolitical developments continue to loom over the global economy, with the focus remaining on the Middle East. The summer began with negotiations between Iran and the US and expectations of a gradual normalisation of transit through the Strait of Hormuz, which helped ease oil market tensions in June. However, the resumption of hostilities prompted a new price surge. Brent crude remained volatile during August, averaging around 90 dollars per barrel, while futures for 6-12 months fluctuated around 80 dollars per barrel. Underlying concerns about potential supply disruptions and historically low global inventories continue to weigh on the energy market.
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