Snapshot: Brent is trading at 92.52, down 4.03% after Iranian state television signaled a commitment to restoring shipping through the Strait of Hormuz. The potential for increased supply and eased geopolitical tensions is weighing heavily on prices. No major US data releases before the NY open.
- Breaching the 92.00 level could trigger further downside, targeting the 90.00 handle.
- Focus will be on any official confirmation from the US side regarding the Iran deal, which could amplify the current move.
Bias into NY: Bearish, with a break below 92.00 likely as the market prices in the prospect of increased Iranian oil supply and easing of geopolitical risk. DXY strength is a secondary headwind near term.