Oil-Price Jump After Renewed Mideast Fighting Likely Temporary -- Market Talk

0904 GMT - The latest jump in oil prices following an escalating conflict in the Middle East is likely to be short-lived, Julius Baer's Norbert Rücker says in a note. Despite fresh attacks on tankers in the Red Sea and the Strait of Hormuz, the renewed fighting appears to reflect efforts by the parties to strengthen their bargaining positions ahead of another round of negotiations. "None of the involved conflict parties have an interest in the situation getting out of hand," Rücker says, adding that conditions underpinning the early summer truce are unchanged. With the pledged government oil releases only partially done and global oil overall less depleted than initially expected, the market still has a buffer if supply disruptions persist, Julius Baer says. (jason.chau@wsj.com)

(END) Dow Jones Newswires

July 24, 2026 05:05 ET (09:05 GMT)