Commodities
Brent Crude Surges Above $90 as US-Iran Tensions Escalate
The conflict between the U.S. and Iran has reignited concerns about oil supply disruptions through the Strait of Hormuz, sending Brent crude prices soaring to $93.60 per barrel.
As tensions rise, the risk premium in the oil market remains high, supporting Brent and WTI crude prices above $80 and $87, respectively.
The low inventories in the U.S. and reduced oil flows through Hormuz leave the market vulnerable to another supply shock, which could drive up prices further.
WTI must break above $87 to confirm a bullish move, while Brent crude could potentially reach $100 if it holds above the $80 support level.