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The least known offshore oil and gas frontier in the East-Mediterranean, Lebanon is preparing itself for a possible entrance into the producer’s league.

Washington’s advisors will need to get back soon to address a possible tripartite pipeline proposal of Iran, as it will not only be linked to Syria but also will involve Iraqi participation. The already very shaky bilateral relationship between Baghdad and Washington will be tested again.

An attack by an unknown party on two oil tankers in the Gulf of Oman has put the Arabian/Persian Gulf region on edge.

After a prolonged oil price plunge, pushing price levels down to around $59 Brent per barrel, signs are showing that the market believes the downward trend has overshot its target. Concerns about global demand and supply have been wreaking havoc, based on assessments that the ongoing China-US trade war will put a major dent in demand. At the same time, U.S.-based oil storage volume reports showed a significant increase, killing off the bullish case for oil.

A slight price recovery on Friday couldn’t save what turned out to be the worst week this year for oil markets. Brent is currently hovering around $68 per barrel having fallen from a $74 high earlier this year. Increased worries about a possible oil slump, due to the perceived negative impact of the escalating US trade war with China, and unexpected higher stock volumes, have scared mainstream analysts it seems. It seems that the oil market is not being ruled by bulls or bears, but is being sheepish instead.