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Brent reverses over half of its rally as Middle East de-escalation fades

Brent was down 8.6% for the week as it extended losses, with the report flagging a potential biggest weekly drop since June.

Reported · Written up by our desk · Energy

Deutsche Bank’s Early Morning Reid team, cited by FXStreet, said Brent crude has reversed more than half of its prior 13% rally as headlines tied to Middle East de-escalation moved markets. The note pointed to the risk of the biggest weekly decline since June, linking the reversal to renewed pressure on oil after shifting expectations around Iran, including reporting that a US-Iran ceasefire could be announced in the coming days. FXStreet also cited the latest session data from the same assessment, saying Brent settled 3.89% lower and was trading another 2.60% lower at just over $86 per barrel, at the time of the update. The write-up added that Middle East developments were the main driver of the day’s moves, and said the market had reversed more than half of its previous two-week gain, after a weekly decline of 8.6% at the time of writing.

Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%

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