Snapshot: Brent is trading at 108.45, up 4.35% on the session, driven by escalating concerns over prolonged disruption in the Strait of Hormuz. The key catalyst remains the unresolved impasse threatening global oil supply routes. Keep an eye on the 14:00 ET FOMC decision and press conference.
- A break above intraday highs of 108.59 will expose 110.00, last seen in June 2022.
- The potential for a surprise hawkish tilt from the Fed could trigger a risk-off move, weighing on Brent.
Bias into NY: Bullish, as the market prices in continued supply risks from the Strait of Hormuz. DXY strength to 98.61 and rising US 10Y yields to 4.371% are headwinds, but the fundamental supply concerns are likely to remain the dominant driver, supporting a push toward 110.00.