Brent crude oil is maintaining its uptrend, currently trading near $105.2, representing a 4% increase after establishing an interim low around $96 and repeatedly defending its 50-day moving average, according to Societe Generale’s Kenneth Broux [1]. The analysts highlight that Brent has formed an up gap around $102 and is now staging a bounce, with the earlier peak at $115 identified as a key short-term hurdle. A break above this $115 level could trigger a larger upward move, while a loss of the $102 gap would risk a deeper pullback [1].
Support in the $96–102 range is seen as underpinning crude prices, with the repeated defense of the 50-day moving average indicating a lack of steady downward momentum [1]. The current geopolitical backdrop includes a ceasefire in the Gulf that remains in place after the US dismissed Iran's counter-proposal; however, the blockade continues and the Strait of Hormuz remains shut, contributing to ongoing market uncertainty [1].
No specific analyst forecasts or forward-looking statements beyond the technical levels and geopolitical context are provided in the source article [1].
CONCLUSION
Brent crude remains in an uptrend, supported by key technical levels and ongoing Gulf tensions. The market is watching the $115 resistance and the $102 support for potential breakout or pullback signals. The continued closure of the Strait of Hormuz adds to the uncertainty in the crude market.