Snapshot: Brent is currently trading at $93.23, up 0.76% on the session, driven by escalating tensions between the US and Iran. Fresh waves of attacks are clouding hopes for a peace deal. Traders will be watching the 10:00 ET ISM Manufacturing PMI for further direction.
- Immediate resistance around intraday high of $94.56.
- Risk: Any de-escalation in Middle East tensions would likely trigger a sharp correction.
Bias into NY: Bullish, with a target of $95.00, given the geopolitical premium and continued uncertainty surrounding supply disruptions. Firmer DXY is a headwind, but secondary to the Iran risk bid.