Oil prices extended losses this week as oil flows through Hormuz ramped up to over 50% of pre-war levels. Recent reported data also suggests that the market relied more on demand destruction, as opposed to inventories, for its rebalancing. This prompted us to reconsider our original assumptions and the price outlook for the rest of the year, which we discuss in this episode. 

Speaker: 

Natasha Kaneva, Head of Global Commodities Research

This podcast was recorded on June 26, 2026.

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