Crude benchmarks extended gains to three-month highs as traders weighed overlapping geopolitical disruptions against lingering oversupply risks. Fresh tensions in Venezuela, Iran, and the Black Sea have lent support to global benchmarks, with Oil – Brent Crude and Oil – US Crude pushing higher despite an expected supply overhang that continues to cap longer-term bullish conviction. The resulting backdrop is volatile, with risk premia tied to potential export and shipping interruptions offset by concerns that global inventories could rise if demand underperforms or production curbs fail to materialize.
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Over the past month, both key contracts have posted solid advances: Oil – US Crude is up about 6.25%, while Oil – Brent Crude has gained roughly 6.88%, reflecting a steady build in geopolitical risk premiums and short-covering rather than a clear shift in fundamentals. From a near-term technical perspective, each contract is flashing a positive momentum bias, with Oil – US Crude showing a 1-day signal of Buy and Oil – Brent Crude likewise registering a 1-day Buy. These signals suggest near-term trend strength, but they sit against a backdrop of potential supply growth that could temper further upside if geopolitical tensions ease. Investors can explore more updates, prices, and analysis across global markets at Commodities.