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Brent oil jumps more than 1.5% as US-Iran tensions disrupt flows
Brent is trading within a near-term range, with analysts pointing to $87.37 as a key level that could signal bullish continuation toward $90, $92.7, and $93.7.
Oil prices rose on Friday, with Brent gaining more than 1.5% during the European session after two days of quieter trading, as markets awaited fresh signals following a brief consolidation.
Action Forex attributed the renewed upward momentum to worsening US-Iran tensions, saying the risk has sharply reduced flows through the Hormuz Strait. The outlet also cited Iran warning it could close access to the Red Sea if the US attacks Iranian power sites, raising concerns about broader supply-chain disruptions.
Despite the rally, the move remains within a near-term congestion range, Action Forex said, highlighting $87.37 as a key barrier. The analysis points to a sustained break above that level as a trigger for bullish continuation from the $70.13 recovery leg, with potential upside targets at $90, $92.69, and $93.71, while the range floor near $83.32 is viewed as downside support.
Latest closeBrent $84.94 ▼0.0%