Oil prices have taken a nosedive as fears of supply disruptions fade, with increasing expectations that a deal between the U.S. and Iran could lead to the complete reopening of the Strait of Hormuz. This development has prompted traders to trim the geopolitical risk premium that was baked into oil prices during the conflict.

Key support and resistance levels for Brent crude:

Supports:

$87 (current support)

$84

$80-82 (key support)

$76-78 (strategic support)

Resistances:

$90

$94-95

$100

$105 in case of a significant geopolitical escalation

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