Geopolitical risks between the US and Iran keep oil prices elevated despite a slight dip in early European trading.
West Texas Intermediate (WTI) crude futures traded 0.9% lower at near $79.00 during Thursday’s European session but remained close to the monthly high of $80.61. The slight pullback follows broader market trends, though ongoing US-Iran tensions continue to underpin price stability.
Oil prices have been supported by geopolitical risks, with recent aggression between the US and Iran adding to supply concerns. The $79 level marks a key support zone, while $80.61 remains a resistance point after last month’s peak.
Market participants are monitoring developments in the Middle East, which could further influence crude price movements in the near term.