Snapshot: Brent is trading at $93.13, up 0.65% on the session, driven by renewed uncertainty surrounding a potential US-Iran deal and escalating geopolitical tensions. All eyes are on the 10:00 ET ISM Manufacturing PMI and Prices Paid data release, which could amplify any existing moves.
- A break above the day’s high of $94.56 could open the door for further gains.
- Geopolitical risks remain elevated and could trigger sudden price swings.
Bias into NY: We see a bullish bias into the NY session, targeting a test of $95.00 if the ISM data prints strong, supported by a slightly weaker 10-year yield at 4.450%.