Brent Oil Breaks Above $90 on Persian Gulf Conflict Disruptions
ING analysts note Brent crude has surpassed $90 per barrel amid escalating conflict in the Persian Gulf and potential chokepoint closures disrupting vessel traffic.
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Oil prices have surged, with Brent crude breaking above the $90 per barrel mark, according to ING analysts Warren Patterson and Ewa Manthey. They attribute the rally to escalating conflict in the Persian Gulf and the risk of chokepoint closures that are disrupting vessel traffic.
The analysts also highlight an increase in speculative long positions as traders bet on further price gains.
Source: FXStreet Forex News