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Commodities

Brent Crude Oil Prices Surge Amid Strait of Hormuz Tensions

Guavy AI Editorial Team
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Oil
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Brent crude oil prices surged over 5.57% on the back of heightened geopolitical tensions and persistent supply concerns tied to transit risks in the Strait of Hormuz.

The current price of Brent crude is $101.64, with a trading range between $98.98 and $104.48 expected over the next five sessions.

The oil market's correlation with US Treasury yields underscores its sensitivity to broader macroeconomic developments.

Brent crude trades with strong bullish momentum, with key technical levels to watch including resistance at $102.05 and support at $100.87.

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