Commodities
Brent Crude Oil Price Hits $102.60 Amid US-Iran Tensions
The Brent crude oil price has been rising, reaching its highest level since September 23rd at $102.60. This comes despite a US-led plan to release 100 million barrels of strategic petroleum reserves by G7 countries.
The move was intended to mitigate the impact of rising oil prices on midterm elections in the United States. However, the escalating tensions between the US and Iran are expected to continue, potentially pushing prices higher.
Russia-Ukraine conflict and Houthi attacks on Saudi Arabia's infrastructure also pose risks to global supply. This has kept a premium on Brent crude prices, with technical indicators pointing to further upside potential.