Deutsche Bank analysts note Brent Oil remains on an upward trajectory, trading above $103 per barrel and heading for a fourth consecutive daily gain as the Iran conflict persists. They highlight the lack of US–Iran peace talks, the ongoing US blockade, and reported mine-clearance delays in the Strait of Hormuz as key drivers sustaining higher Oil prices.

Strait of Hormuz tensions underpin rally

"Oil prices are still rising as we go to press this morning, with Brent crude currently at $103.39/bbl, leaving it on track for a 4th consecutive gain."

"And even before the overnight moves, Brent crude was up +3.48% yesterday to $101.91/bbl."

"There hasn’t been a single catalyst behind that, but the absence of any peace talks between the US and Iran has led investors to price in a longer conflict again, along with a more extended closure of the Strait of Hormuz."

"Indeed, the US blockade is still in place, and yesterday Iran said they’d seized two commercial ships in the Strait."

"Moreover, the Washington Post reported that the Pentagon informed Congress it could take 6 months to clear the Strait of Hormuz of mines, which further added to fears about extended disruption."

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