Oil: Rally pace moderates after Iran strikes – Commerzbank

Commerzbank analysts note that Brent extended its rally and closed above USD95, although gains moderated after President Trump suggested the renewed US bombing campaign against Iran could be short-lived. Despite fresh US strikes and Iranian retaliation across the Middle East, the situation remains highly fluid and there is still little evidence of a durable de-escalation.

Brent holds above 95 dollars

"Brent crude still rose 1.0% to close above USD95, but eased from an intraday high of around USD97 after President Trump said the renewed bombing campaign against Iran would likely be short-lived."

"President Trump said the renewed bombing campaign against Iran would likely be short-lived, although he also stressed that the US was prepared to strike again."

"The US carried out a second round of attacks in three days, targeting radar systems and mine-laying capabilities along Iran’s southern coast, while Iran retaliated against US bases across the Middle East."

"The situation remains highly fluid, with little evidence yet of a durable de-escalation."

"Brent crude oil prices rose 1% to USD95.63 while gold rebounded around 1.2% to USD4,382."