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High-Purity Fact Pipeline
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High-Purity Fact Pipeline
Global oil market participants
Global
June 3, 2026
"Brent crude is trading at $96 per barrel, significantly lower than the $200 forecasts made when the conflict began. Pre-existing oil gluts and existing shipments have mitigated the impact of the Strait of Hormuz closure and US naval blockade."
Author: Daniel Yergin
This definitive history of the global oil industry provides the essential context for understanding how supply chains, geopolitical tensions, and market mechanisms interact. It explains why oil prices are not solely dictated by immediate conflict, but by long-term inventory management and global strategic reserves.