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Brent tops $100 as US-Iran tensions raise Strait of Hormuz concerns
Deutsche Bank says investors are pricing a more prolonged stretch of elevated oil prices, with 6-month Brent futures at their highest level since early June.
Brent crude has broken above $100 per barrel for the first time since July as US-Iran strikes escalate, according to analysis cited by FXStreet.
Deutsche Bank analysts said the move reflects growing concerns about whether the Strait of Hormuz could reopen soon, and they noted a related report that White House advisers had privately raised with President Trump the possibility that the war could continue for the remainder of his term.
The oil contract jumped to $101.21 per barrel by the close, its highest level since May, while 6-month Brent futures also reached their highest point since early June, the bank said.
FXStreet also flagged that markets are watching upcoming US inflation data, while the geopolitical-driven oil move continues to factor into price expectations.
Latest closeWTI crude $91.10 ▲3.2%|Brent $103.93 ▲3.7%