Snapshot: Brent crude futures are holding above $107, supported by escalating geopolitical tensions and supply disruption fears. President Trump’s comments on the US-Iran ceasefire have heightened concerns about the Strait of Hormuz, overshadowing the slightly softer close in US 10Y yields.
- Watch the 08:30 ET US CPI prints; a strong reading could boost the USD and weigh on Brent.
- Geopolitical risk surrounding Iran remains the key upside driver.
Bias into NY: Bullish, with the potential for further upside towards $108.50 given ongoing supply risks, but the 08:30 ET CPI could trigger a reversal if inflation comes in hotter than expected.