Commodities
Iran's Strait of Hormuz Warning Sends Brent Crude Price Tumbling
The Brent crude price is trading near its key support level of $90.11 as tensions rise in the Strait of Hormuz, a critical passage for global oil shipments.
Iran has warned of a potential halt to crude shipments through the Strait, increasing risks to global oil supply and geopolitical risk.
The ongoing regional tensions have raised the likelihood of disruptions in the major transit route, prompting market participants to closely monitor the evolving situation.
According to technical signals, Brent crude is trading below its short-term moving averages with negative momentum, projected to remain within a narrow range of $90.11 to $91.87.