Snapshot: Brent is currently trading at $93.92, up 0.17% on the session. Renewed tensions between the US and Iran are weakening expectations for a near-term agreement to reopen the Strait of Hormuz, driving the price higher.
- A break above $95.00 could trigger further upside momentum given positioning is neutral.
- Risk lies in a surprise announcement regarding de-escalation of tensions between the US and Iran.
Bias into NY: Expect a grind higher toward $95.00, contingent on no surprises from the 08:30 ET US data releases; DXY stability near 99.00 offers support.