Brent Crude Surges Amid US-Iran Tensions
Crude oil prices continued to rise on Tuesday after renewed tensions between the US and Iran sparked concerns about disruptions to Gulf production and shipping. Brent crude futures increased by $1.05, or 1.2%, to $91.54 a barrel at 0455 GMT, while U.S. West Texas Intermediate gained $1.27, or 1.5%, to $87.03.
The price hike follows gains of 2.7% for Brent and 2.8% for WTI on Monday, with the geopolitical premium returning after President Donald Trump threatened further strikes against Iran. This has brought crude back to descending resistance, creating a potential breakout point after several weeks of narrowing price action.
Michael J. Kramer believes that Brent is positioned for a move above $100, citing technical strength and momentum. However, he notes that sustained strength above roughly $94-$95 would provide stronger confirmation of this scenario.