Boiling point? Brent crude touches five week high, here’s what analysts expect next

Oil market is heating up again with Brent crude already touching its five-week high of more than $94 a barrel as tensions between the US and Iran intensified. As tensions in the Middle East continue to simmer and traders grow cautious, analysts expect crude prices to remain broadly in the $90-100 a barrel range rather than stage a sustained climb towards $112. On Wednesday, Brent crude was trading at around $94.12 per barrel, while crude oil stood at around $87.38 per barrel.While geopolitical tensions have pushed prices higher, analysts say markets are not yet signalling a major structural disruption to global oil supplies.Manoranjan Sharma, chief economist, Infomerics Valuation and Rating Limited, said, "oil markets are clearly reflecting heightened geopolitical risk, relatively tight OPEC+ supply and the possibility of further disruptions to global energy flows.