Brent crude oil prices near the $100 threshold
Conflicting statements regarding negotiations between the US and Iran, along with energy infrastructure attacks in the Russia-Ukraine war, are strengthening upward pressure on oil prices.
After rising to $101.24 yesterday and closing the day at $97.83, the Brent crude futures price per barrel is trading around $99.39 today. Continuing diplomatic uncertainties in global markets and attacks on energy infrastructures are directly impacting prices.
Current Oil Prices
The December futures price of Brent crude reached $99.39, recording a 1.6 percent increase compared to the close. Meanwhile, the November futures price of West Texas Intermediate crude was determined at $93.93.
Developments in US-Iran Negotiations
While diplomatic contacts regarding a potential agreement between the US and Iran continue, conflicting statements from the parties draw attention. The diplomatic contacts aim to open the Strait of Hormuz to transportation.
In the process mediated by Qatar, the Iranian side presented 7 conditions to Washington, while US President Donald Trump announced that he rejected these conditions.
Conflicting Statements and Expectations
Iranian Foreign Minister Abbas Araghchi stated that they were awaiting a response from Qatar, whereas Iran's official news agency IRNA announced that there was no negotiation plan. Trump, on the other hand, argued that energy prices would fall rapidly after the conflicts.
Effects of the Russia-Ukraine War
The continuation of attacks targeting energy infrastructures by the parties in the Russia-Ukraine War fuels global supply concerns. Ukrainian President Volodymyr Zelenskyy announced that they had carried out attacks on defense and oil facilities in Russia.
Technical Levels and Resistance
Developments that keep the risk premium alive in the markets support the upward movement of prices. Technically, $100.78 is monitored as the resistance zone and $98.74 as the support zone for Brent crude.