TD Securities’ James Rossiter notes that Oil prices are stabilizing slightly above $90 per barrel, with Brent trading in a $90–100 range since the ceasefire began. He highlights that market participants appear comfortable with Oil around current levels, while uncertainty over Middle East developments and the Strait of Hormuz remains a key focus for traders.

Brent holds in $90–100 range

"Our base case assumption for oil prices to sit slightly above $90/bbl appears to be playing out for now."

"Indeed, the dynamics of the tensions appears to suggest a certain degree of comfort around—but not much above—this level."

"Brent oil prices have remained range-bound between $90-100/bbl since the ceasefire began."

"Whether the Strait of Hormuz remains open or closed (or seemingly both at once) remains a key focus."

"Markets seem to be converging on the view that energy prices will settle near their current levels."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)