![Brent Crude Pulls Back from Recent Peaks Amid Diplomatic Optimism</TITLE]Brent crude prices saw a significant surge on Monday, reaching a five-week high after opening with a gap upward and breaking through the critical psychological threshold. This momentum followed a substantial 13% rally last week, though the gains were subsequently erased by a sharp pullback.Geopolitical tensions remain a primary driver for market volatility. While fears of wider regional escalation continue to weigh on sentiment, recent statements from Iran regarding diplomacy based on national interests have offered a glimpse of potential negotiations, leading to a moderation in oil prices.The fundamental outlook remains bullish due to persistent uncertainty regarding global oil supplies, particularly with the Strait of Hormuz facing disruption risks following the recent breakdown of the fragile ceasefire. This bullish sentiment is further supported by dominant technical indicators on the daily timeframe.To maintain the current bullish momentum, prices should ideally close above the Fibonacci resistance level at .37 (the 38.2% retracement of the 5.26/.13 range). A failure to do so could lead to a deeper correction toward the .30 support zone.A decisive breakout above could target the .69 (50% retracement) and .90 (100DMA) levels.](https://i1.wp.com/www.actionforex.com/wp-content/uploads/2024/01/f-oil125.jpg?w=1024&resize=1024,1024&ssl=1 "Brent Crude Pulls Back from Recent Peaks Amid Diplomatic Optimism</TITLE]Brent crude prices saw a significant surge on Monday, reaching a five-week high after opening with a gap upward and breaking through the critical psychological threshold. This momentum followed a substantial 13% rally last week, though the gains were subsequently erased by a sharp pullback.Geopolitical tensions remain a primary driver for market volatility. While fears of wider regional escalation continue to weigh on sentiment, recent statements from Iran regarding diplomacy based on national interests have offered a glimpse of potential negotiations, leading to a moderation in oil prices.The fundamental outlook remains bullish due to persistent uncertainty regarding global oil supplies, particularly with the Strait of Hormuz facing disruption risks following the recent breakdown of the fragile ceasefire. This bullish sentiment is further supported by dominant technical indicators on the daily timeframe.To maintain the current bullish momentum, prices should ideally close above the Fibonacci resistance level at .37 (the 38.2% retracement of the 5.26/.13 range). A failure to do so could lead to a deeper correction toward the .30 support zone.A decisive breakout above could target the .69 (50% retracement) and .90 (100DMA) levels.")
Thousands of Israelis, among them settlers and right-wing campaigners, marched toward the Gaza border on Sunday, urging the government to rebuild Israeli settlements in the conflict-devastated enclave, according to an Agence France-Presse correspondent on the scene.
Demonstrators assembled near the boundary before advancing in large groups toward the fence overlooking northern Gaza, where Israeli security personnel were stationed to stop them from proceeding further.
AFP video captured participants waving Israeli flags as troops and police barred entry to the closed military zone.
“We are walking today to tell the government of Israel and show all the world that this land belongs to us and that Gaza really belongs to us and that we want to go back there,” said Daniel Sellem, a march participant.
“We lived there before they got us out in 2005.”
Sellem explained that the procession aimed to pressure authorities into sanctioning a return to Gaza, more than twenty years after Israel withdrew all its settlements under the 2005 disengagement program.
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