This analysis discusses the repercussions of geopolitical incidents such as the conflict between Israel and Gaza, and potential U.S. sanctions on Iran, on oil supply and demand. Amidst these situations, a decrease in the production rates of Iranian crude exports and the extension of production cuts by Saudi Arabia and Russia are predicted. While the U.S. crude storage remains tight, causing dip in U.S. exports, the expectations of consistent high prices for oil continue to flourish.