Deutsche Bank analysts note that Brent has extended gains as markets react to rising geopolitical risks around Iran and fresh comments from President Trump after his meeting with Israel’s Prime Minister. The bank flags that speculation about a potential US strike on Iran and ongoing negotiations are keeping Oil supported, with Brent and WTI both moving higher.

Iran risk premium supports Brent crude

"In terms of the latest, President Trump met Israeli PM Netanyahu at the White House yesterday, where President Trump said he “insisted that negotiations with Iran continue to see whether or not a Deal can be consummated.”"

"The President later posted to social media that “Last time Iran decided that they were better off not making a Deal, and they were hit with Midnight Hammer — That did not work well for them."

"Hopefully this time they will be more reasonable and responsible.”"

"So by the close, Brent crude was up +0.87% to $69.40/bbl, and this morning it’s up another +0.25% to $69.57/bbl."

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