Global energy markets may be entering a more volatile phase as the conflict involving Iran disrupts several million barrels per day of supply, according to IEA chief Fatih Birol speaking in Toronto. His remarks coincide with heightened price swings in Oil – Brent Crude futures, which have been oscillating in recent sessions between roughly $96 and just above $102 per barrel.
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Over the past month, Brent has slipped about 1.17%, suggesting that geopolitical risk premiums are being partly offset by demand concerns and broader macro uncertainty. From a short-term perspective, the 1-day technical stance for Brent is currently rated as Hold, indicating a neutral bias as traders weigh further supply disruptions against the potential for weaker global growth.