Commodities
Brent Crude Prices Hinge on $99.26 Resistance Amid Geopolitical Tensions
The price of Brent crude oil (XBR) is currently trading at $97.28, up 1.88% on the day, as geopolitical tensions and supply concerns continue to drive prices.
The main factors supporting Brent crude prices are the ongoing US-Iran conflict and uncertainty around the Strait of Hormuz transit route.
Saudi crude exports have improved modestly due to negotiations, but this has not eased the broader supply concerns keeping the market tense.
Techincals show that Brent crude is trading near the upper end of a $95.98 to $99.26 range, with mixed momentum signals and a short-term downside bias.