Crude oil prices fluctuated as concerns about Iran eased
Crude oil prices fluctuated today, showing a slight upward bias after the previous session's declines, as investors reassessed the risk of supply disruptions despite easing concerns about an imminent US military strike against Iran.
Geopolitical tensions eased somewhat
The mixed performance of oil prices came as geopolitical risks related to Iran began to subside somewhat, contributing to a decrease in the risk premium that had supported prices recently. However, these risks remain significant enough to keep the market on edge in the short term.
Analysts believe that if this situation continues without direct US military intervention, the geopolitical risk premium could gradually fade, allowing more pessimistic fundamental factors to regain control of price movements.
Market Fundamentals Determine Next Direction
Oil prices are expected to remain within a narrow trading range in the coming period, unless global demand, particularly Chinese demand, sees a significant recovery, or a clear supply shortage emerges, especially in oil flows from Russia and the Middle East.
Oil Prices Today
Brent crude is currently trading near $64 per barrel, while West Texas Intermediate (WTI) crude has risen to around $59.80 per barrel, as investors await developments in global supply and demand, along with geopolitical developments.
Market Outlook
Overall, oil market movements in the current phase remain contingent on a delicate balance between relatively receding geopolitical risks and fundamental supply and demand pressures. This keeps expectations volatile, with an upward bias, until new catalysts emerge to determine the next price direction.
