Crude Oil Prices Hold Steady Amid Ongoing Supply Risks

The price of Brent Crude Oil futures has been holding strong at $95.11, with the 50 EMA (89.19) and 200 EMA (84.93) both below it on the daily chart.

This stability comes despite a slight pullback in recent days, which analysts are attributing to exhaustion after a strong rally earlier this week.

The Strait of Hormuz shipping constraints and Ukrainian attacks on Russian refinery infrastructure continue to contribute to supply risks supporting the crude oil market.

Major banks have begun raising their forecasts for crude oil prices as well, adding to the upward pressure.