Brent crude oil prices have risen to $82, driven by geopolitical tensions in the Middle East and concerns over potential supply disruptions through the Strait of Hormuz. According to NS3.AI, despite the increase in prices, a correction and active selling pressure emerged near the $82 mark. This was accompanied by a sharp rise in open interest, suggesting new trader participation in the market.

In the midst of these developments, OPEC's recent announcement to boost production introduces a longer-term supply risk. This creates a conflict between the short-term war premium and the anticipated growth in supply over the longer term.