International oil prices hit a 2-year high! The agency expects it to break through $80 this summer

International oil prices continue to rise, and have just broken through the high of $75!

Brent crude rose to $75.28 a barrel, the first time Brent oil has breached $75 since April 2019. WTI crude oil stood at $73 a barrel, the highest since October 2018.

On the demand side, with the advancement of epidemic prevention and control and the relaxation of travel restrictions, global energy demand is continuing to recover. The WHO said on the 21st that the number of new cases of new crown pneumonia in the world has declined for eight consecutive weeks, and the number of new deaths has declined for seven consecutive weeks. The arrival of the summer travel peak has also further boosted the demand for crude oil. The latest edition of OPEC's monthly report expects a strong recovery in oil demand in the second half of this year, with global crude oil demand growth expected to be 5.95 million barrels per day in 2021, in line with previous expectations.

On the supply side, the Iranian nuclear talks have brought uncertainty to the oil market. U.S. Secretary of State Antony Blinken said on June 8 that the United States will continue to maintain hundreds of sanctions against Iran even if Iran returns to the JCPOA.

The market expects that the Iranian nuclear negotiations will be difficult, and it is unlikely that a large amount of Iranian oil will return to the market in the short term.

Goldman Sachs expects oil prices to continue to rise, with Brent crude oil expected to reach $80 a barrel this summer.