https://www.instagram.com/vanessaclarkipaiThis is your Crude Oil podcast.Hey everyone, welcome back to Daily Crude Oil Price Tracker. I'm your host Vanessa Clark, and today we're diving into what's been driving oil markets lately, because honestly, it's been quite a week in the energy world.As of yesterday, Brent crude oil was trading at 96.26 dollars per barrel, down about 72 cents from the day before. But here's the thing that really matters, oil prices are up nearly 29 dollars over the past year, and the reason is pretty significant.The Middle East conflict has completely reshaped global oil markets. We've gone from an expected oversupply situation to a shortage of 750,000 barrels per day this year. The Strait of Hormuz, one of the world's most critical shipping routes, has seen vessel traffic drop to near zero, and about 136 million barrels of crude oil and products are currently trapped in the Gulf region.This supply crunch is creating some wild premiums on US oil. West Texas Intermediate crude is seeing spot premiums at all-time highs, with deliveries to Asia commanding premiums of 30 to 40 dollars per barrel in July contracts. That's compared to just 20 dollars a barrel just a few weeks ago.The good news is there's a ceasefire in place right now, which is helping stabilize things. The International Energy Agency has coordinated a release of 400 million barrels from strategic reserves globally, with the US contributing 172 million barrels to help ease the supply shock.Now, even with these price increases, economists point out that the US and global economies are much better positioned to handle oil shocks than they were back in the 1970s. We've got better energy efficiency, more renewable energy sources, and less dependence on Middle Eastern oil than ever before.As we move forward, experts expect it could take months for oil production to return to pre-conflict levels, with potentially two to three million barrels per day resuming in the first month as shipping resumes.Thanks so much for tuning in to Daily Crude Oil Price Tracker. Make sure you subscribe and join us next time for the latest crude oil updates and market insights. I'm Vanessa Clark, and we'll see you tomorrow.For more http://www.quietplease.aiCheck out Vanessa on Instagram https://www.instagram.com/vanessaclarkipaiFor some deals, check out https://amzn.to/4hSgB4rThis content was created in partnership and with the help of Artificial Intelligence AI

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