Commodities
Hormuz Uncertainty Drives Brent Crude Higher
Brent crude is trading at $99.42, up 1.95% on the day, as uncertainty over the Strait of Hormuz reopening fuels concerns about potential supply disruptions.
The ongoing US-Iran tensions and unresolved supply risks have contributed to the current buying interest and positive price momentum in Brent crude.
According to technical indicators, Brent crude is expected to consolidate between $98.06 to $100.78 over the next 2-3 days, with a 73% probability of further upside and a 27% chance of a reversal.