Global oil prices have remained within a narrow range of $71-$73 per barrel for ICE Brent, reflecting market fatigue with geopolitical tensions and a lack of clarity on the fragile U.S.-Iran ceasefire.

Traders are increasingly focusing on supply-side dynamics rather than political headlines, as the market anticipates potential disruptions from the ongoing conflict.Meanwhile, Iraq and Turkey are negotiating a temporary extension of the Kirkuk-Ceyhan pipeline agreement to avoid a complete shutdown by July 27.The European Union has expanded its operations against Russian shadow tankers, leading Cameroon to remove 39 vessels from its registry.Canada announced plans to build a new Pacific coast pipeline, reducing reliance on U.S.transits.Colombia's incoming administration is poised to overhaul Ecopetrol's management, signaling a pro-oil policy shift.Qatar has resumed LNG exports through the Strait of Hormuz, while Japan is shifting to cheaper coal due to LNG price volatility.The UAE's June oil exports surged to 3.9 million barrels per day, nearing record levels.Pakistan is increasing LPG imports from Iran to cut costs, and Russia is importing gasoline from India to address domestic shortages.European naphtha prices hit a 10-year high due to refinery outages and strikes.

These developments underscore the complex interplay of geopolitical risks, supply chain adjustments, and energy market dynamics shaping global oil prices.