FUNDAMENTAL OVERVIEWOil prices are now at the highest levels since September 2025 as Trump's hawkish rhetoric against Iran continues to underpin the market. Trump has been threatening Iran with military strikes unless they negotiate a deal over Iran's nuclear programme. This geopolitical risk has been a tailwind for the market but there are also signs that demand is rising. If this continues, oil prices will remain supported even without Iran's risk. If the price gets there, we can expect the sellers to step in with a defined risk above the level to position for a drop back into the 62.37 level.