Snapshot: Brent is trading at $105.33, down -0.69 (-0.65%) on the session, but holding gains driven by sustained supply concerns in the Middle East. The market remains sensitive to news flow regarding the Strait of Hormuz and potential disruptions to global oil flows. Trump’s speech at 17:00 London is a potential catalyst.
- $107.48 represents intraday resistance, a break above could see a retest of recent highs.
- Watch for further headlines on Iranian diplomacy; any progress could trigger a sharp pullback.
Bias into NY: Bullish, but with caution. The geopolitical risk premium remains elevated, supporting Brent above $103.00, but a resolution in the Middle East could quickly reverse the trend.