OPEC will release its monthly oil market report on April 13, offering key supply and demand guidance for a turbulent crude market. The report is highly anticipated after U.S. plans to block Iranian ports sent oil prices soaring more than 8% in a single session. Investors will focus on OPEC’s demand growth forecasts, supply gap estimates and stance on production cuts.

The oil market is now driven by a mix of geopolitics and fundamentals. The U.S. blockade could directly affect around 2 million barrels per day of Iranian oil exports, tightening supply expectations. However, high prices have started to dampen demand, and rebounding U.S. inflation has raised economic slowdown concerns

If OPEC upgrades its demand outlook and confirms a tight supply picture, oil prices may hold above $100. A downgrade to demand could trigger a pullback. In the near term, geopolitical risks will remain dominant. Investors are advised to closely monitor the OPEC report and developments in the Middle East.