OIL NEARS $120 AS US-IRAN WAR AND HORMUZ BLOCKADE SPARK GLOBAL SUPPLY FEARS BRENT CRUDE SURGED ABOVE $119 WHILE WTI APPROACHED $107 AS STALLED PEACE TALKS AND THE STRAIT OF HORMUZ CLOSURE DEEPEN CONCERNS OVER A MAJOR…

Brent crude oil prices surged above $119 per barrel, while WTI approached $107, driven by escalating tensions between the U.S. and Iran and fears of a blockade in the Strait of Hormuz. The market is reacting to heightened geopolitical risks, which are impacting supply expectations and contributing to a risk premium in oil prices. The closure of this critical shipping route raises concerns about potential disruptions in global oil supply, particularly affecting markets reliant on Middle Eastern crude. Traders will closely watch developments in peace talks and any announcements regarding military actions or sanctions that could further influence supply dynamics in the region.

Brent crude is the international oil benchmark, priced in the North Sea. Unlike WTI it reflects global supply/demand — Middle East geopolitics, OPEC+ cuts, Russian export sanctions, and Asian refinery demand all drive Brent intraday.

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