Oil Market Tightens as Iran Tanker Attacks, Inventory Draws Push Brent Over $106

The global oil market is significantly tightening, with Brent crude now trading above $106 a barrel. This surge is driven by Iran's intensified attacks on tankers in the critical Strait of Hormuz, coupled with rapidly draining global oil inventories. OPEC's forecast for stronger demand next year further exacerbates supply concerns, highlighting that geopolitical fundamentals are now overriding political rhetoric in shaping market sentiment.