Brent crude prices continue to rise, maintaining near one-month highs on Friday as geopolitical tensions in the Middle East persist. This upward trend aligns with a secondary consecutive weekly surge, marking a 6% increase for the week.
Heightened uncertainty in the region—amid U.S. efforts to enforce stringent sanctions on Iranian oil exports and Iran’s closure of the strategic Hormuz Strait, coupled with threats of retaliatory measures—raises the risk of escalation.
Such developments could trigger further supply disruptions from key Gulf producers, amplifying global economic disturbances and pushing oil prices beyond the $100 per barrel threshold.
Amid Friday afternoon trading, Brent remains above $94, with market analysts projecting a likely weekly close above $90—a critical juncture reinforcing bullish momentum on daily charts. This movement strengthens positive momentum signals through multiple moving average crossovers (MA bull crosses).
Technical indicators highlight a broken Fibonacci support level at $92.85, which has since reverted to a key support zone. Additional support is anticipated at the daily cloud top ($91.41), which may absorb dips and offer improved entry points for bullish strategists seeking fresh upward momentum.
Resistances: 94.69; 95.12; 96.34; 98.96
Supports: 92.85; 91.90; 91.41; 90.00
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