[MARKET ANALYSIS] Brent crude reclaimed USD 90/bbl after US and Iran ramped up exchange of strikes
WTI/Brent: WTI Sep'26 +2.4% / Brent +2.5%
- Oil prices rallied with Brent crude climbing back above the USD 90/bbl level after the US and Iran ramped up their exchange of strikes following the death of a couple of US service members due to Iran attacking Jordan on Friday, while CENTCOM announced the 9th consecutive night of strikes against Iran, and Iran continued to retaliate against US interests and allies.
Gold: -0.3%
- Price action is choppy, in which the precious metal oscillated through the USD 4,000/oz level and with initial pressure seen as oil prices climbed.
Copper: +0.3%
- Lacks firm direction amid the mixed risk appetite in Asia.
Context
Brent crude's resurgence above USD 90/bbl indicates heightened market sensitivity to geopolitical tensions following increased hostilities between the US and Iran. This escalation may drive oil prices higher, as further conflict could restrict supply chains. Traders should look for potential spillover effects on related assets, particularly in energy markets and risk-sensitive currencies.
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