Brent crude exceeds 100 dollars as markets lock in on critical OPEC+ meeting on October 4
While diminishing hopes for a ceasefire between the US and Iran and the rejection of a peace proposal drive up oil prices, global markets monitor the upcoming moves of the OPEC+ group.
Following the weakening of expectations for a ceasefire between the US and Iran and US President Donald Trump's rejection of the peace proposal, the barrel price of Brent crude rose to 100.84 dollars.
Price Increase in Oil
The December futures price of Brent crude increased by 3.5 percent compared to the close, reaching 100.84 dollars. Meanwhile, the November futures price of West Texas Intermediate crude was determined at the level of 95.65 dollars. Markets are following a volatile course under the influence of geopolitical risks.
Diplomacy and Reactions
US President Donald Trump stated in an interview with Axios that a deal could be made with Iran, but these terms were not the deal he wanted. On the other hand, Iranian Foreign Minister Abbas Araghchi stated that they heard their 7-point proposal had been rejected by Trump.
Strait of Hormuz Debate
Iranian Parliament Speaker Mohammad Bagher Ghalibaf reacted to statements by US Treasury Secretary Scott Bessent claiming that the Strait of Hormuz is open. Ghalibaf argued that the increase in oil prices compared to before the war refutes these claims.
Critical OPEC+ Meeting
The OPEC+ group, which includes Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, will come together on October 4 to discuss production policies. Markets are awaiting the decisions that will emerge from this meeting.
Technical Levels
Market analysts state that technically in Brent crude, the 99.29 dollar level can be monitored as resistance, and the 97.93 dollar level as the support zone. The trajectory of prices is shaped according to the positions of these technical limits.