Crude oil is entering a phase where volatility is basically the new normal.
Demand is still holding stronger than expected especially from emerging economies while supply keeps reacting fast to geopolitics and production cuts.
Even with the energy transition story getting louder, global dependence on oil isn’t going anywhere anytime soon.
Next few years likely won’t be a straight trend more like sharp swings driven by policy shifts, conflicts, inflation, and growth cycles.
Oil still remains one of the clearest mirrors of how fragile and interconnected the global economy really is.