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Brent slips as hopes of US-Iran peace deal fade
The oil market remains fragile, with hostilities between Yemeni Houthis and Saudi Arabia raising risk of further regional destabilization.
Brent oil edged lower on Friday, helped by limited end of week profit-taking and a shift to sour sentiment, according to Action Forex.
The outlet said fresh hopes for a potential US-Iran peace deal cooled the same day, while the broader situation stayed fragile amid escalation of hostilities between Yemeni Houthis and Saudi Arabia.
Action Forex described price action as volatile with quick sentiment changes tied to news, even as Brent remains in a larger uptrend that is currently in a corrective phase.
Technicals cited by the outlet point to nearby support around 104.14 on the 10-day moving average, followed by 103.40, 101.82, and 101.32, while a break below 100 would threaten lower levels near 97.36.
Latest closeBrent $100.98 ▼2.0%