Brent crude oil prices have continued their gradual decline, falling below $90 per barrel following renewed hopes for a US-Iran deal and President Trump's cancellation of planned strikes, according to Societe Generale analysts led by Kenneth Broux [1]. The analysts note that Brent is currently down 2% at $88.5 per barrel, underscoring the market's negative reaction to these geopolitical developments [1].
From a technical perspective, Brent has maintained a sustained downtrend since losing its 50-day moving average in May and breaking an ascending trend line that had been in place since March [1]. Societe Generale identifies $95.50 as a near-term resistance level, with downside targets at $86—the trough reached in April—and further projections near $82/81 [1].
The report suggests that while a brief rebound is possible, the overall momentum remains downward, and the market is focused on lower price objectives in the near term [1]. No analyst opinions or forward-looking statements beyond these technical targets are provided in the source.
CONCLUSION
Brent crude's technical outlook remains bearish, with prices pressured by geopolitical developments and a sustained downtrend. Key support levels are identified at $86 and $82/81, while $95.50 serves as resistance. The market is likely to remain cautious as it monitors further developments.