Oil Prices Soar on US-Iran Tensions Amid OPEC+ Meeting Looms
The prices of Brent and WTI crude oil have risen significantly in recent days due to renewed tensions between the United States and Iran. The Strait of Hormuz, a key waterway for oil exports, has been affected by the conflict, with Iran imposing restrictions on vessels using the route. As a result, Brent crude futures are trading around $96.06 per barrel, while WTI is near $92.10.
The price gains have returned geopolitical risk to the forefront of the oil market, with analysts warning that disruptions in the Middle East could restrict crude exports. The OPEC+ meeting on Sunday is expected to leave production policy unchanged, which may help offset some of this risk. However, the situation remains volatile, with Brent facing immediate resistance around $97-$98 and WTI needing to hold above $90.