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Brent rises above $107 as US-Iran talks stall
Deutsche Bank tied the move to renewed Middle East risk, citing Iran’s refusal to soften conditions for reopening the Strait of Hormuz.
Brent oil climbed above $107 after renewed Middle East tensions resurfaced alongside developments in US-Iran negotiations, according to FXStreet.
Deutsche Bank’s Early Morning Reid said US-Iran talks were showing little progress and that Iran has not softened conditions for reopening the Strait of Hormuz, helping support fresh upside momentum in Brent.
FXStreet reported Brent was up 2.58% to $107.01, after a modest weekly gain, and linked the broader setup to Middle East headline risk.
The note also pointed to higher US Treasury yields, with 10-year yields up 3.8 basis points and 2-year yields up 4.6 basis points, as market expectations incorporate inflation risk from higher oil prices.
Latest closeBrent $97.47 ▼8.6%