Crude oil started the European session in the red after reaching two-month highs.
Prices could remain under some pressure if traders remain cautious ahead of the release of several US economic data later this week, including PCE figures.
The latter could affect monetary policy and oil demand expectations. At the same time, geopolitical tensions could remain a potent driver for prices and could support crude as tensions could continue to exacerbate.
Ukraine’s recent strikes on Crimea and the Russian response fueled some concerns. In the Middle East, the Israel-Hamas conflict continued unabated despite international mediation efforts, further contributing to market uncertainty in addition to the risks of a larger conflict.
Additionally, the upcoming Iranian election could significantly impact crude oil prices, and uncertainty around new Iranian policies could add to the volatility in prices.
If the new administration adopts a hardline stance or faces international sanctions, it could restrict oil supply, driving prices up. Conversely, a more moderate leadership open to negotiations might ease sanctions, increasing oil exports and potentially lowering prices.
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