Crude oil futures were lower and Julius Baer said that the latest jump in oil prices following the escalating conflict in the Middle East was likely to be short-lived.

As Iran's attacks keep ship traffic through the Strait of Hormuz to a trickle and oil prices surge, Gulf states are planning to invest billions in pipeline alternatives.

Oil producers are building or contemplating new pipeline projects to bypass the Strait of Hormuz, but this infrastructure is still vulnerable, analysts said.

The conflict ​in the Middle East has deepened forecasts of a global oil deficit in 2026, according to a Reuters poll of ‌analysts, but recovering Gulf flows, robust U.S. production and weaker demand from China are expected to tip the market into an oversupply in 2027.

The world’s largest exporter of crude oil stands to benefit from diversifying its energy sources — and freeing up more oil to sell.

America and Saudi Arabia signed a deal to build a civilian nuclear programme in the Gulf state. The agreement, which Congress must review, would reportedly last 30 years and could allow American companies to build a uranium-enrichment facility in Saudi Arabia.

Brent oil shot to its highest price since May after increased fighting in the Middle East threatened to slow the global flow of crude

Stocks drifted on Wall Street and oil prices fell for the first time in a week, even as heavy fighting in the Middle East again threatened to slow the global flow of oil