The market's initial reaction to Israeli military operations targeting Iran led to Brent crude prices dropping to a low of $74.86, reflecting heightened geopolitical risks.
Energy traders are unwinding hedges on the Iranian oil supply threat, indicating a shift in market sentiment and the impact of geopolitical dynamics on pricing.
The consolidation phase showed a tight trading range until sellers regained control, demonstrating the fluidity of market trades influenced by geopolitical news.
Weaker demand forecasts from OPEC further complicate the oil market's response, with heavy equity markets suggesting broader economic concerns that may dampen demand.
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