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Brent is up nearly 40% in July, setting itself up for the strongest monthly gain since March. With flows from the Persian Gulf suppressed and Red Sea shipments at risk, it appears that geopolitics has taken control of the wheel once again. The story is, however, more nuanced.
Speaker:
Natasha Kaneva, Head of Global Commodities Research
This podcast was recorded on July 24, 2026.
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