Brent crude could hit $120 as Iran's IRGC attacks shipping in the Strait of Hormuz

invezz.com (Italian) —

Oil prices rose to their highest level since May 20, with Brent crude reaching $110 and West Texas Intermediate climbing to $99.05, as Middle East tensions escalated. Iran's Islamic Revolutionary Guard Corps (IRGC) continued attacking ships transiting the Strait of Hormuz, targeting at least four vessels over the weekend and dozens in recent weeks. Analysts suggest the risk premium will persist until the US midterm elections. Technical analysis indicates Brent has broken above the $109.9 resistance level, with potential targets of $115 and $120. However, a sudden de-escalation or credible US-Iran agreement could rapidly collapse the risk premium.


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