Oil Prices Eye Support as Iran Talks Ease Tensions

The oil price forecast is uncertain due to ongoing tensions in the Middle East. The Houthis' threat remains, and if talks with Iran don't come to a positive conclusion or attacks on ships and energy infrastructure increase, another surge in oil prices could occur.

Brent crude oil has been trading below $90 despite the continued restriction on oil flows in the region. High prices have made people in Asia's various markets more price sensitive, leading to slowed demand in these regions. However, a deal with Iran would likely push prices down, but if it breaks down once again, prices would skyrocket.

WTI crude oil is currently testing its support at $80, and breaking below this level could send prices back toward the $74 area. On the other hand, a break above the $87 region would indicate further upside towards the $100 area in the WTI crude oil market.