Middle East Tensions + Libya Export Halt: A Double Storm Driving Oil Prices Up Over 3%

The eastern Libyan government announced on Monday that it will halt all oil production and exports. Hezbollah in Lebanon declared a large-scale attack on Israel yesterday, raising concerns about oil supply disruptions. Commonwealth Bank of Australia predicts Brent crude will trade between $75 and $85 per barrel in September. If hopes for a Gaza ceasefire diminish and the likelihood of Iranian retaliation against Israel persists, oil prices might rise further.

$Exxon Mobil (XOM.US)$ states that despite "net zero emissions" goals, global oil demand is expected to remain above 100 million barrels per day by 2050. Without investment in new oil projects, supply could drop by 70% to 30 million barrels per day by 2030, leading to a spike in oil prices.