Deutsche Bank analysts highlight that Brent crude has continued to climb as investors respond to escalating geopolitical tensions involving Iran, along with new remarks from President Trump following his meeting with Israel’s Prime Minister.
According to the bank, speculation over a possible US military strike on Iran, combined with ongoing diplomatic talks, is helping to underpin oil prices, pushing both Brent and WTI higher.
Iran-related risk premium lifts Brent
Regarding recent developments, President Trump met Israeli Prime Minister Netanyahu at the White House yesterday, stating that he had “urged that negotiations with Iran proceed to determine whether a deal can ultimately be reached.”
He later wrote on social media that “Previously, Iran chose not to make a deal and faced Midnight Hammer — which did not turn out well for them. Hopefully, this time they act more reasonably and responsibly.”
By the end of the session, Brent crude had risen 0.87% to $69.40 per barrel, and it gained a further 0.25% this morning to reach $69.57 per barrel.
Sources: Fxstreet
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