Editorial news visual · Brent crude dips below $90 before rebounding to $90.35 · Mirat Haber
Brent crude futures for January delivery fell below $90 a barrel on expectations that fighting between the United States and Iran could end, before recovering to $90.35. According to an AA report published by Bigpara, easing concerns about oil supplies from the Middle East pushed prices lower, while conflicting statements from the two sides pointed to continuing market uncertainty.
US President Donald Trump’s remarks about an end to the fighting contributed to the price decline. Speaking at a White House press conference, Trump said military action did not seem particularly necessary at that stage, but that the United States was prepared for any eventuality.
Trump said he saw momentum toward ending the war with Iran and believed the process could conclude quite soon. He also said talks with Iran were going well and that he hoped the process would end soon. Those remarks eased concerns about oil supplies from the region, putting downward pressure on prices.
Trump also maintained that Israel and the Middle East were protected against what he described as a threat from Iran, and that Iran could not be allowed to possess nuclear weapons. However, Mohsen Rezaei, secretary-general of Iran’s Supreme National Security Council, denied reports that talks with the United States were continuing. Rezaei called on Washington to accept the seven conditions Iran had previously announced.
The claim that talks were progressing therefore remained Trump’s assessment, which the Iranian side disputed. Continuing attacks on commercial vessels around the Strait of Hormuz are also keeping oil supply uncertainty alive.
For those following the market, there is an important distinction between prices falling below $90 and staying below that level: the latest Brent price cited in the report was $90.35. The technical analysis identified resistance at $91.54 and a support zone at $90.60. These are the reference levels used in the report’s technical market assessment. US-mediated talks between Russia and Ukraine scheduled to begin in Abu Dhabi are also among the developments oil markets are watching.
Markets will monitor supply, demand and price forecasts in the short-term energy outlook expected from the US Energy Information Administration (EIA).
Key figures in the oil market
Conflicting statements from Washington and Tehran
Which price levels matter for oil market watchers?
Other developments on the market’s radar
Where are Russia-Ukraine talks scheduled to take place?
Which figures will markets watch in the EIA’s upcoming report?
Source: AA report published by Bigpara
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