Brent Oil Prices Edge Closer to $100 Amid Escalating US-Iran Tensions
Crude oil prices have risen as tensions between the US and Iran escalate, leading to concerns of prolonged supply disruptions in the Middle East. Brent crude is trading near $98 a barrel, while West Texas Intermediate (WTI) has surpassed $93.
The renewed tensions have kept a geopolitical premium embedded in crude prices, with Iran threatening further retaliation and disruption around the Strait of Hormuz. Despite shrinking regional exports, high prices are already curbing demand, which could limit the upward momentum of oil prices.
Brent's technical structure remains constructive as it holds above the $92-$94 region, but its immediate challenge is psychological resistance at $100. A break above this level would strengthen the bullish setup, while a retreat below $92 would weaken momentum.
The Organization of the Petroleum Exporting Countries (OPEC+) has kept its output steady, which is supporting oil prices. However, refined-product markets remain tight, and diesel supplies are expected to remain scarce through winter.