Geopolitical Tensions Drive Brent Crude Prices Above $96

Crude oil markets are experiencing heightened tensions due to U.S.-Iran military exchanges in the Strait of Hormuz, which have raised concerns about transport disruptions and supply security. The attacks on Saudi Arabian energy facilities have further exacerbated these fears, putting upward pressure on Brent crude prices.

The current price of Brent crude (XBR) is $96.85, with a daily increase of 1.06%. Despite this rise, the price remains above its key moving averages, indicating short-term momentum and positioning in a bullish alignment.

Looking ahead to the next 2-3 trading days, analysts anticipate range-bound action between $95.87 and $97.83, with a potential breakout above $97.83 opening the door for further gains.