Snapshot: Brent is trading at $101.05, marginally lower on the day, but the unraveling of US-Iran peace talks is the dominant driver. This morning’s newsflow of stalled negotiations and Tehran’s hardline stance reinforces supply-side concerns, potentially reigniting bullish momentum. Monitor the response to any further headlines as that situation develops.
- Breaching the day’s high of $102.18 opens a run toward $108.
- Risk: Confirmation of Hormuz reopening talks could trigger a sharp reversal.
Bias into NY: Bullish above $100.00. Goldman’s $120 target, conditional on prolonged conflict, will keep the buy-side interested on dips.