DBS Group Research’s Philip Wee notes that Brent has climbed back above $100 per barrel as geopolitical risks intensify. The move comes ahead of the War Powers Resolution vote, with markets focused on the potential for an unauthorized extension of US operations and a dual blockade scenario. Investors weigh prolonged supply threats against the possibility of a diplomatic off-ramp.

War Powers vote drives Oil risk

"Additionally, Brent crude prices have risen back above $100 per barrel ahead of this week’s War Powers Resolution vote on April 29, which will determine if the Operation Epic Fury enters an unauthorized phase."

"The Trump administration is attempting to preserve its operational freedom before the formal 60-Day Constitutional Limit expires on May 1, with the dual blockade in the Strait of Hormuz and the stalled Pakistan-mediated US-Iran ceasefire talks."

"Markets are caught between fears of a prolonged war of attrition that could keep 20% of global oil supply under threat and hopes of a surprise off-ramp before President Donald Trump’s summit with President Xi Jinping in China in mid-May."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)