Gunvor CEO Warns of Extended Oil Price Volatility Amid Market Challenges

The chairman and chief executive of Gunvor Group, Gary Pedersen, stated in an interview that oil prices may experience continued volatility in the coming months. He attributed this to seasonally lower demand before the summer driving season and ongoing issues in the Middle East.

The interview was published by the Financial Times on Monday. ” Gunvor Group is one of the world's largest physical oil trading companies.

became chairman and CEO following a management buy-out in December 2025. Prior to this change, the U.S. Treasury Department accused Gunvor of ties to the Kremlin and denied it a license to acquire international operations of Lukoil, Russia's second-largest oil producer.

The United States sanctioned Lukoil last autumn. Recent fluctuations in oil futures prices have occurred after statements from U.S. President Donald Trump. Trump has commented that a deal with Iran is imminent or that the war is close to ending, leading to price declines.

Pedersen described these as examples of political messaging affecting the market.

futures markets have not fully accounted for supply disruptions, including the closure of the Strait of Hormuz and constraints on Middle Eastern crude and fuel. Physical crude supplies remain tight, with buyers worldwide seeking replacements. In response, empty supertankers have departed from Asia toward the United States via the Cape of Good Hope.

These vessels are en route to load U.S. crude, forming a significant queue at sea.