Brent crude has fallen for a sixth straight day, its longest losing streak in over a year, as prediction markets cut the odds of a new all-time high by September 30 to 0.5%. The slide appears to reflect cautious optimism around Iran-U.S. relations.
Brent crude futures have dropped for six consecutive sessions, marking the benchmark's longest losing streak in more than a year. The contract now trades around $98 to $99 a barrel, down from levels above $100 earlier this month.
The downturn appears to reflect cautious optimism regarding ongoing Iran-U.S. relations, and the decline has likely been influenced by geopolitical developments concerning Iran and the U.S. amid continued geopolitical risk in the region. Any resolution or escalation could still have substantial impacts on global oil supply and pricing.
Prediction markets now put the odds of Brent hitting a new all-time high by September 30 at 0.5%, down from 2% a week earlier. The December 31 market shows slightly higher odds of 10.5%, reflecting some expectation of a price catalyst toward year-end.
Source: Crypto Briefing
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