Brent Crude Rallies on US-Iran Tensions and Shipping Disruptions

The price of Brent crude oil (XBR) has been affected by rising tensions between the US and Iran, leading to increased demand for the commodity as buyers hedge against supply risks.

Recent military strikes by the US against Iranian positions have contributed to a higher risk premium across global oil benchmarks, with Brent crude trading above key support levels and maintaining strong bullish momentum in the short and medium term.

The expected near-term range for Brent crude is $89.97 to $92.85, reflecting typical volatility levels.

Analysts have highlighted that renewed US-Iran military tensions have reintroduced significant geopolitical risk to global oil markets, with particular concern around the vulnerability of shipping through the Strait of Hormuz.