Oil: Rally pace moderates after Iran strikes – Commerzbank

FXStreet Insights Team FXStreet

Commerzbank analysts note that Brent extended its rally and closed above USD95, although gains moderated after President Trump suggested the renewed US bombing campaign against Iran could be short-lived. Despite fresh US strikes and Iranian retaliation across the Middle East, the situation remains highly fluid and there is still little evidence of a durable de-escalation.

Brent holds above 95 dollars

"Brent crude still rose 1.0% to close above USD95, but eased from an intraday high of around USD97 after President Trump said the renewed bombing campaign against Iran would likely be short-lived."

"President Trump said the renewed bombing campaign against Iran would likely be short-lived, although he also stressed that the US was prepared to strike again."

"The US carried out a second round of attacks in three days, targeting radar systems and mine-laying capabilities along Iran’s southern coast, while Iran retaliated against US bases across the Middle East."

"The situation remains highly fluid, with little evidence yet of a durable de-escalation."

"Brent crude oil prices rose 1% to USD95.63 while gold rebounded around 1.2% to USD4,382."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

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