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Brent crude oil prices continued their upward trajectory, holding near a one-month high and heading for a second consecutive week of substantial gains, rising nearly 6%. The rally is largely driven by escalating geopolitical uncertainties in the Middle East and concerns over potential supply disruptions related to Iranian oil exports and maritime passages. From a market perspective, the sustained rise in crude oil prices adds inflationary pressure globally while bolstering energy commodity markets. Oil traders are reacting to tight supply dynamics and geopolitical risk premiums, which continue to outweigh broader macroeconomic growth concerns in the short term. Moving forward, market participants will monitor developments in international sanctions, regional geopolitical tensions, and official inventory reports. Traders should also watch for technical resistance levels as prices test multi-week highs.
