The oil market’s story goes far beyond daily price fluctuations. Even as headline prices bob within a range – Brent crude has mostly stayed between $70 and $80 per barrel through the past year – underlying fundamentals and geopolitical shifts are constantly at play. To truly gauge where oil is heading, one must look under the hood at key factors: supply disruptions or growth in major producers, regional demand trends, physical inventories at trading hubs, freight and logistics costs, policy interventions, refining economics, and even speculative investor positioning. All these elements interact to shape the market’s future direction. In this article, we delve into the most important current developments influencing oil markets as of early March 2025, painting a picture that is much richer than a simple up-or-down price narrative.