Snapshot: Brent is bid at $108, up on the session, driven by ongoing supply concerns as the Strait of Hormuz remains effectively closed. Geopolitical risk is the dominant factor, outweighing broader macro concerns.
- Watch for further escalations in the Middle East, as any new developments will likely exacerbate supply anxieties and drive prices higher.
- US 2Y yields remain near 4.00%; any sustained rise could provide headwinds to commodity prices later in the NY session.
Bias into NY: Bullish on Brent while the Strait remains a chokepoint. A break above $110 would confirm the move, targeting $112 next.