Oil prices are expected to remain broadly stable in the lead-up to the US elections, according to Anas Alhajji of Energy Outlook Advisors, who forecasts that Brent crude will trade in the $80 range through the election period. US election cycles are typically a period of heightened attention in energy markets, as policy direction on drilling, sanctions, and strategic reserves can shift with the incoming administration, giving traders an added reason to watch price signals around the vote.

Alhajji said that current volatility in the oil market is being driven more by supply losses in the Black Sea region than by developments around the Strait of Hormuz, a key chokepoint through which a significant share of the world's seaborne crude and petroleum products passes. The distinction matters because the two regions affect different grades and shipping routes: Black Sea disruptions primarily hit crude exports from producers around that basin, while any incident at Hormuz would threaten a far larger volume of Gulf supply moving to Asia and Europe.

On the demand side, he noted that the decline in oil demand has been limited compared with the forecasts issued by the International Energy Agency (IEA) and the US Energy Information Administration (EIA), two of the most closely watched sources for global energy market projections. Forecast gaps of this kind are consequential, since IEA and EIA outlooks are widely used by governments and traders to plan supply, refining, and procurement, and softer actual demand relative to those projections can temper price pressures.

Alhajji also urged India to expand its strategic petroleum reserves. Strategic reserves allow countries to buffer their economies against supply disruptions and sharp price spikes, and India, as one of the world's largest crude importers, relies heavily on overseas oil to meet its energy needs. India's existing strategic reserve program remains modest relative to the import cover maintained by major consumers such as the United States, China, and Japan, which hold far larger emergency stocks as members of coordinated release mechanisms like the International Energy Agency's system.

Brent crude is the leading international benchmark for oil prices, and its trajectory is closely watched by import-dependent economies, including India, where fuel costs feed directly into inflation and household budgets.