Crude oil comment: Market battling between spike-risk versus 2025 surplus

Brent crude falls back as day by day goes by with no Israeli retaliation.

Market focus returns to concerns for surplus in 2025. Brent crude fell 7.

6% last week following a rally to USD 81.

16/b the week before when it felt like a retaliatory attack by Israel on Iran was imminent with all targets possible.

Israel.