Crude remains underpinned this morning, with front WTI firmer for the fourth session in a row, and trading to one-month highs, as geopolitical risks continue to linger.
Participants, unsurprisingly, remain on tenterhooks awaiting a potential Israeli response to Iran’s Tuesday missile barrage, with particular concern over whether said response will ultimately target Iranian oil infrastructure.
With the situation remaining incredibly fluid, and volatile, it seems unlikely that participants will have conviction to play crude from the short side at this juncture, with the balance of risks tilting towards further gains in the short-term, particularly as risk is hedged into the weekend.
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