Bears Hold Grip on Brent Despite Middle East Tensions

Brent oil continues to trade within a $90–$95 range for the fifth consecutive session. The commodity is failing to break higher despite a fresh escalation in the Middle East and a much stronger-than-expected draw in US crude inventories.

Market participants still see no significant threat to overall supply from the geopolitical situation, allowing bears to maintain control. The range-bound price action suggests a lack of conviction among buyers despite supportive headlines.