Brent Crude Oil Hovers at Near 6-Month High

Brent crude oil futures held around $72 per barrel on Monday, near a six-month high, as investors weighed the likelihood of a US–Iran nuclear deal, with further negotiations expected later this week. Iran’s foreign minister said a diplomatic “win-win” solution is within reach and confirmed plans to meet US envoy Steve Witkoff in Geneva. At the same time, reports indicated that any US military strike on Iran would be limited to select military or government sites, reducing the risk of broad supply disruptions. Traders remained mainly concerned about potential traffic risks through the Strait of Hormuz, a key corridor for regional crude exports. Adding to bearish sentiment, President Donald Trump plans to raise global tariffs to 15% following the Supreme Court’s rejection of “reciprocal tariffs,” fueling renewed risks to the oil demand outlook.

Brent crude oil futures fell below $71 per barrel on Monday, retreating slightly from a six-month high, as investors weighed the likelihood of a US–Iran nuclear deal, with further negotiations expected later this week. Iran’s foreign minister said a diplomatic “win-win” solution is within reach and confirmed plans to meet US envoy Steve Witkoff in Geneva. At the same time, reports indicated that any US military strike on Iran would be limited to select military or government sites, reducing the risk of broad supply disruptions. Traders remained mainly concerned about potential traffic risks through the Strait of Hormuz, a key corridor for regional crude exports. Adding to bearish sentiment, President Donald Trump plans to raise global tariffs to 15% following the Supreme Court’s rejection of “reciprocal tariffs,” fueling renewed risks to the oil demand outlook.

Brent crude oil futures fluctuated around $71.5 per barrel on Friday, near a six-month high and set for a weekly gain of 5%, after US President Donald Trump said he is considering a limited military strike on Iran and warned Tehran it has 15 days at most to reach a nuclear deal. At the same time, the US is conducting its largest military buildup in the Middle East since 2003, increasing the risk of a broader conflict. Iran produces over 3 million barrels per day, about 3% of global output, mainly for China, and could threaten the Strait of Hormuz, a key energy transit route. Oil prices were also supported by equities rising after the US Supreme Court struck down Trump’s tariffs. Adding to bullish momentum, government data showed US crude inventories fell by 9 million barrels last week, marking the steepest draw since early September.