Onyx Research

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European Window: Brent Rallies to $69.50/bbl

The Aug’25 Brent futures contract rallied this afternoon from $68.45/bbl at 13:00 BST to $69.80/bbl at 17:00 BST before softening to $69.50/bbl at 17:

The Aug’25 Brent futures contract rallied this afternoon from $68.45/bbl at 13:00 BST to $69.80/bbl at 17:00 BST before softening to $69.50/bbl at 17:15 BST (time of writing). US Energy Secretary Chris Wright said it’s “unlikely” oil production will fall next year, pushing back on a government forecast predicting a decline. In a Bloomberg interview, Wright said the outlook depends on oil prices and whether companies cut investment as planned. The Energy Information Administration on Tuesday projected the first production drop since 2021. South Sudan has resumed oil exports through Sudan after repairing a pipeline damaged by an airstrike. Petroleum official Deng Lual Wol confirmed on June 10 that shipments have restarted, crediting the swift fix to efforts by South Sudanese leaders, Sudanese authorities, and oil companies. President Donald Trump voiced frustration over rising oil prices, “I don’t like – the oil prices have gone up just a little bit over the last few days,” Trump said at a White House event. “It’s gonna keep going down a little bit, right? Because we have inflation under control.”. Finally, the front-month Aug/Sep and the 6-month Aug/Feb’26 spreads are at $0.91/bbl and $2.86/bbl, respectively.

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Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.