Key Moments
- Brent crude slid from an intraday high of $119.50/bbl to about $90 by the U.S. close, with a brief drop to $83.66.
- Prices later edged up to $93.56, still below the $99.40 level seen before a CBS report and well under intraday highs.
- Long-dated December 2026 Brent futures held far steadier, trading at $74.95/bbl and remaining below spot prices.
Deutsche Bank Flags “Dramatic Roundtrip” in Brent
Deutsche Bank strategist Jim Reid and his team highlight an exceptionally sharp reversal in Brent crude, with prices tumbling from an intraday peak close to $120 to roughly $90. They point to persistent geopolitical risks around Iran, the possibility of Group of Seven strategic reserve releases, and Saudi Arabia’s production cuts, even as longer-dated Brent contracts stay anchored well under current spot levels.
Intraday Turbulence and Geopolitical Headlines
“The past 24 hours has seen a dramatic roundtrip in oil markets as the seismic moves seen as we went to press yesterday gave way to increased optimism as President Trump suggested in the US afternoon that the war with Iran could be over “very soon”. That eased concerns over a longer-term conflict that could trigger a major stagflationary shock and helped drive a turn lower in oil markets.”
“Most notably, Brent crude oil prices pulled back from an intraday peak of $119.50/bbl before the European open to around $90 by the US close…”
“It even briefly traded as low as $83.66 late in the US session, which marks the largest daily nominal trading range since the start of the intra-day Bloomberg data in the 1980s when oil futures begun.”
Overnight Price Action and Futures Curve
“The lingering uncertainty has seen oil prices tick slightly higher overnight, with Brent crude up to $93.56 from around $90 at the US close yesterday, though that’s still below the $99.40 level they were before the CBS report yesterday evening and some 25% below yesterday’s intra-day highs.”
“Remember that the oil moves have been much more contained further out the futures curve, with December 2026 Brent futures currently trading at $74.95/bbl.”
Spot Versus Futures: Key Price Levels
| Contract / Level | Price | Context |
|---|---|---|
| Brent intraday peak | $119.50/bbl | Before the European open |
| Brent around U.S. close | $90 | Following reversal from intraday highs |
| Brent intraday low | $83.66 | Late in the U.S. session |
| Overnight Brent level | $93.56 | Ticked higher from around $90 |
| Pre-CBS report Brent level | $99.40 | Level before the CBS report yesterday evening |
| December 2026 Brent futures | $74.95/bbl | Long-dated contract, below spot |
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
