{"id":42654,"date":"2026-02-24T16:39:42","date_gmt":"2026-02-24T08:39:42","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=42654"},"modified":"2026-02-24T16:39:42","modified_gmt":"2026-02-24T08:39:42","slug":"oil-steadies-near-recent-highs","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/en-asia\/analysis\/oil-steadies-near-recent-highs\/","title":{"rendered":"Oil Steadies Near Recent Highs"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"573\" src=\"https:\/\/www.vtmarkets.com\/en-asia\/wp-content\/uploads\/sites\/27\/2026\/03\/Oil5-1024x573.webp\" alt=\"\" class=\"wp-image-41760\"\/><\/figure>\n\n\n\n<p><strong>Key Points<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Oil trades at $66.375, up 0.16%, near multi-month highs.<\/li>\n\n\n\n<li>UBS expects Brent to return to $60\u2013$70 range if tensions ease.<\/li>\n\n\n\n<li>Iran-US nuclear talks remain key driver of risk premium.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<p>Oil traded at <strong>$66.375 (+0.16%)<\/strong> on Tuesday, hovering near its strongest levels since early August. Brent futures also remained close to multi-month highs as geopolitical tensions in the Middle East continued to underpin prices.<\/p>\n\n\n\n<p>Recent gains have largely been driven by the risk of supply disruptions, particularly linked to the possibility of <a href=\"https:\/\/t.co\/lVYLrdADHK\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">US military action against Iran<\/a>. The prospect of instability in a region critical to global oil flows has embedded a risk premium into crude markets.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Fears of a global oil glut that had been expected to crater crude prices are fading fast amid resilient energy demand, according to Permian Basin driller Diamondback <a href=\"https:\/\/t.co\/lUeYgI1fbG\">https:\/\/t.co\/lUeYgI1fbG<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/2026087717780516865?ref_src=twsrc%5Etfw\">February 24, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Iran and the United States are scheduled to hold a third round of nuclear talks in Geneva on Thursday. While Washington has called for Iran to abandon its nuclear programme, Tehran has firmly rejected such demands and denied pursuing atomic weapons capability. Markets are closely monitoring developments for signs of escalation or de-escalation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Risk Premium May Gradually Fade<\/h2>\n\n\n\n<p><a href=\"http:\/\/uk.investing.com\/news\/stock-market-news\/ubs-lists-best-eu-oil-stocks-to-buy-as-iran-risk-premium-lifts-crude-prices-93CH-4519188\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">UBS<\/a> expects oil prices to decline modestly in the coming weeks, provided tensions do not intensify.<\/p>\n\n\n\n<p>The bank said a gradual fading of the global risk premium, combined with easing supply disruptions, should bring Brent back into the <strong>$60 to $70 per barrel range<\/strong>. It also set an end-March 2027 Brent forecast of <strong>$67 per barrel<\/strong> and widened its assumed WTI-Brent discount to <strong>$4 per barrel<\/strong>, up from $3 previously.<\/p>\n\n\n\n<p>This outlook suggests current pricing already reflects a degree of global uncertainty. Should talks progress or tensions cool, some of that premium could unwind.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Technical Analysis<\/h2>\n\n\n\n<p>Crude oil (CL) is trading near <strong>66.38<\/strong>, up modestly on the session, as the market continues to extend its recovery from the January low at <strong>54.87<\/strong>.<\/p>\n\n\n\n<p>The daily structure has shifted decisively higher over the past few weeks, with a sequence of higher highs and higher lows signalling improving momentum.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/en-asia\/wp-content\/uploads\/sites\/27\/2026\/03\/1_image-27-1024x474.jpg\" alt=\"\" class=\"wp-image-42655\"\/><\/figure>\n\n\n\n<p>Price is holding above the short-term moving averages, with the <strong>5-day (66.10)<\/strong> and <strong>10-day (64.65)<\/strong> trending upward. The <strong>20-day (64.35)<\/strong> and <strong>30-day (63.00)<\/strong> remain well below current price and continue to slope higher, reinforcing the bullish bias in the medium term.<\/p>\n\n\n\n<p>The recent push toward the <strong>66.50\u201367.00<\/strong> region suggests buyers are testing the upper boundary of the current upswing.<\/p>\n\n\n\n<p>Immediate support lies around <strong>64.50\u201365.00<\/strong>, aligning with the 10- and 20-day averages, followed by stronger support near <strong>62.50\u201363.00<\/strong>. On the upside, a sustained break above <strong>67.00<\/strong> would likely open the path toward the <strong>68.50\u201370.00<\/strong> zone.<\/p>\n\n\n\n<p>For now, oil remains in a constructive uptrend, with pullbacks appearing corrective rather than indicative of a broader reversal.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Cautious Outlook<\/h2>\n\n\n\n<p>Oil prices remain supported by geopolitical risk and tight positioning near recent highs. However, if Iran-US talks reduce the likelihood of supply disruptions, the embedded risk premium may begin to fade.<\/p>\n\n\n\n<p>A sustained move above $68 could open the path toward $70 and beyond, especially if tensions escalate. Conversely, easing rhetoric or constructive diplomatic progress could pressure crude back into the mid-$60s and potentially toward the lower end of UBS\u2019s projected range.<\/p>\n\n\n\n<p>For now, the uptrend remains intact, but its durability hinges on developments in Geneva and the broader Middle East landscape.<\/p>\n\n\n\n<p><strong>Learn more about trading <a href=\"https:\/\/www.vtmarkets.com\/energies\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Energies<\/a> on VT Markets <a href=\"https:\/\/www.vtmarkets.com\/Insights\/\" target=\"_blank\" rel=\"noopener\" title=\"\">here<\/a>.<\/strong><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil trades near $66.37 as Middle East tensions support prices, but UBS expects Brent to ease back into the $60\u2013$70 range. | VT Markets<\/p>\n","protected":false},"author":64,"featured_media":41760,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[31],"tags":[5,66],"class_list":["post-42654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-commodities","tag-oil"],"acf":{"acf_article_selection_author":""},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/posts\/42654","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/users\/64"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/comments?post=42654"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/posts\/42654\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/media\/41760"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/media?parent=42654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/categories?post=42654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/tags?post=42654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}