Brent Crude Holds Above $102 as US-Iran Tensions and Middle East Supply Risks Drive Prices

Brent Crude oil prices held above $102 per barrel on Friday, October 2, as traders assessed geopolitical tensions between the US and Iran, Middle East supply risks, and China's restrictions on refined-oil exports. The benchmark had recorded a sharp gain in the previous session, but prices remained on course for a weekly decline of about 2%.

The latest price movement comes against a backdrop of volatile trading, with Brent crude futures trading at approximately $102.28 per barrel, down around 3 cents from the previous session, according to Reuters. The benchmark had risen more than 4% on Thursday, pushing prices back above the psychologically important $100 level.

Market participants are closely watching developments involving the US and Iran, Middle East crude supply, Saudi exports, and China's refined-oil trade. Any evidence of an actual disruption to crude supplies could affect prices differently from developments that increase geopolitical tensions without reducing physical supply.