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Oil Prices Soar Amid Escalating US-Iran Tensions

Guavy AI Editorial Team
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Oil
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The US-Iran tensions have escalated over the weekend after the US launched fresh strikes on Iran's Larak Island, citing concerns that Iran was preparing to deploy mines in the Strait of Hormuz.

This move has led to a surge in oil prices, with WTI and Brent crude rising by around 4% before being modestly pared back by the close.

The uncertainty surrounding further strikes and secondary economic sanctions on Iran continues to weigh heavily on markets.

Brent crude is currently trading above $90/barrel, with chart studies suggesting further outperformance in the near term.

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