Snapshot: Brent crude trades at $96.37, down $5.52 on the session, driven lower by reports of a potential Middle East peace deal. The prospect of reopened Strait of Hormuz is weighing heavily. Watch for the 08:30 ET US Unemployment Claims data.
- Immediate support likely around the $96.00 level, the bottom of today’s range.
- Risk of further downside pressure should Trump’s reservations about an Iran deal solidify or the Unemployment Claims print surprises to the upside.
Bias into NY: Bearish on Brent, expecting further downside towards $95.00 if peace deal momentum persists, amplified by a potential recovery in the DXY as US yields stabilize.