Brent Crude Oil Price Rises Amid US-Iran Escalation Fears
The Brent crude oil price has continued to rise despite the recent release of 100 million barrels of oil from strategic petroleum reserves by G7 countries.
US President Trump announced the plan in an effort to lower oil prices ahead of the upcoming midterm elections, with concerns that rising prices could negatively impact Republican chances.
However, tensions between the US and Iran are escalating, with odds increasing for a potential conflict in October.
This risk premium is being reflected in the market, with Brent crude oil price reaching its highest level since September 23rd at $102.60 last week.
The technicals also support further gains, with Brent above its ascending trendline and key moving averages.
Bulls are targeting the next resistance level of $109.96, with a move above indicating more gains potentially to $115.