Brent Crude Oil Prices Hold Firm Above $98.98 Resistance Level

Brent crude oil prices have stabilized around $98.7 per barrel after holding steady above the $98.98 resistance level, according to Traders Union.

The current price of Brent crude is sitting above its short-term moving average and holds firmly over its longer-term levels.

Ongoing tensions in the Middle East, particularly around the Strait of Hormuz, have intensified uncertainty around Brent crude oil supply, as Iran has imposed stricter conditions for reopening the waterway.

This strategic waterway is essential for global oil shipments, and the prospect of restricted access heightens fears of potential supply disruptions.