Brent climbs as US-Iran attacks raise escalation risk; range-bound since Aug peak

Brent crude rose on fears of US-Iran escalation after attacks, though it remains below the August 21 peak of $94.40, trading in a $86-$91 range since the memorandum of understanding lapsed. The price action reflects market uncertainty over supply disruption versus ongoing diplomatic channels. Escalation risk is the key driver, with any direct conflict potentially breaking the range.