Brent Crude Price Holds Steady Amid US-Iran Tensions

The price of Brent crude oil has remained stable at $90.28, despite concerns over regional supply security following failed US-Iran negotiations.

The breakdown in talks, combined with ongoing uncertainty regarding the safe transit of oil through the Strait of Hormuz, has heightened potential risks of supply disruptions for Brent crude oil.

Furthermore, the United Arab Emirates accused Iran of firing ballistic missiles and suspended trade with Tehran, adding a concrete element of supply risk to the market.

The technical indicators remain strong, with key moving averages above the current price, indicating preservation of positive momentum.

Over the next 2-3 trading days, Brent crude oil is expected to consolidate within a typical volatility band between $88.93 and $91.63, with a sideways move being the most probable scenario.