Brent Oil Tests $92 Resistance Amid Escalating US‑Iran Tensions

Brent crude has pushed back above the $92 mark, testing a key resistance level that has been a focal point for traders since the flare‑up in the Middle East. The benchmark is hovering just above $90.50, a level that has held since early September, while West Texas Intermediate (WTI) remains near $82, both indices up more than 5% on Monday.

The rally is largely driven by renewed uncertainty over a U.S.‑Iran peace deal. President Donald Trump’s recent demand for compensation from Iran as part of any agreement has amplified risk sentiment, prompting market participants to keep a risk premium on oil prices. The prospect of further supply disruptions in the region has bolstered support for higher prices.

Supply‑side factors are also tightening. Saudi Aramco has postponed the restart of its 400,000 barrels‑per‑day Jazan refinery, while insurance costs for shipping have climbed. Consequently, vessels are being rerouted away from the Strait of Hormuz and Bab el‑Mandeb, reducing exports through Hormuz to 3 million barrels per day last week from 4.4 million barrels per day the previous week.

Analysts see Brent potentially extending its rally toward the $100 ceiling if it can break through the $92 resistance, while WTI could target similar levels if the current trend persists. With oil prices near a one‑week high, market watchers will be watching the next few sessions for confirmation of a sustained breakout.