Iran Tensions Send Oil Prices Soaring

Crude oil prices have started the week on a strong footing, driven by renewed US-Iran military tensions that threaten shipping through the Strait of Hormuz.

The Brent crude benchmark has opened above $90, testing its own 100-day moving average, while WTI crude is facing key technical resistance around $86, where the 100-day SMA has previously restricted upside momentum.

Escalating US sanctions pressure on Iran and declining global inventories are supporting prices, but a stronger dollar following Federal Reserve Chair Kevin Warsh's hawkish comments at Jackson Hole could limit gains in dollar-denominated commodities such as crude oil.