Snapshot: Brent is trading at $95.89, up $1.43, propelled higher by renewed military operations in southern Iran and rising geopolitical tensions. Today’s focus shifts to the 10:00 ET US Consumer Confidence release, which may temper gains if it prints stronger than expected.
- A break above the intraday high of $97.07 would signal further upside, targeting $98.50.
- Heightened tensions between the US and Iran remain a key risk, potentially leading to further supply disruptions and price volatility.
Bias into NY: Bullish on Brent, looking for a test of $97.07, as escalating regional conflict outweighs concerns about demand; softer US yields are providing additional tailwinds.