Brent Crude Pulls Back From $90 as Iran Opens Door to Talks

Brent crude rose to a five-week high above $90 a barrel Monday before reversing nearly $5 to erase all overnight gains. The spike extended last week's 13% advance. The Strait of Hormuz remained closed after the latest escalation of the war, raising supply concerns. Iran later signaled willingness for negotiations based on national interests, and oil prices fell.

The pullback tested support at $87.37, the 38.2% retracement of the decline from $115.26 to $70.13. That level held during the session. A close above it would keep the near-term bullish structure intact. Resistance above $90 lies at $92.69, the 50% retracement, and the 100-day moving average at $93.90. Support below $87.37 is at $86.27 and $85.97.

Brent traded near $88 late in the session.