Brent Crude Price Reverses After US Strikes Against Iran

The price of Brent crude oil has seen a significant reversal in recent days. After reaching $92.65, it fell to $88.93, a decline of about 2% on the session. This comes after the US launched a heavy wave of strikes against Iran overnight, with Brent trading at $3.12 above its Wednesday close.

The market had been pricing escalation and selling it earlier in the morning, but Wednesday's settles showed the largest gains in over two weeks. Brent closed at $90.74, up 7.9%, while WTI settled at $84.46, up 6.6%.

The medium-term move is larger than the daily noise suggests, with Brent up 25.8% over the past month and 25.6% year-over-year. However, today's price action indicates that the market has stopped pricing headlines and started pricing physical flows.