Brent: Supply risks support prices – Danske Bank
Danske Bank’s Danske Research Team notes Brent crude trading near USD 97 as renewed US-Iran strikes around the Strait of Hormuz raise concerns over prolonged disruptions to Middle East energy flows.
Brent crude oil is trading near $97 per barrel as heightened tensions between the United States and Iran around the Strait of Hormuz heighten concerns over potential supply disruptions, according to Danske Bank's research team. OPEC+ has decided to maintain its production policy unchanged for October but may pause further increases in the fourth quarter as it reviews quota baselines for 2027.
However, the ongoing Iran conflict is limiting the organization's ability to effectively manage actual supply and prices. Despite a recent intraday low of $93 per barrel, Brent oil futures are now trading around $97 per barrel after the U.S. and Iran exchanged attacks over the weekend. Meanwhile, other commodities markets are also showing volatility, with U.S. diesel crack spreads recently surging above $100 per barrel for the first time.
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