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UBS has increased its year-end forecast for Brent crude to $110 per barrel, citing escalating supply risks in the Middle East, declining global inventories, and record-high freight costs.
Brent crude oil prices are consolidating at a crucial support level formed by the 50-day moving average and a key Fibonacci retracement. Technical indicators signal market indecision, with a potential for a significant breakout or breakdown.
Brent crude oil prices climbed to a new high of $117.10, but key technical indicators suggest the rally is overextended, raising the possibility of a near-term price correction.
Brent crude oil has entered a correction after hitting a parabolic peak of $117.45, with prices now testing a key technical support confluence around the $109 level.
Oil prices climbed after U.S. President Donald Trump rejected a seven-day proposal from Iran to reopen the Strait of Hormuz, prolonging a standoff that has pushed the global benchmark up over 70% this year.
Brent crude oil is facing significant downward pressure as it approaches a key technical support level around $94.95. The move follows the confirmation of a bearish head and shoulders chart pattern, increasing the risk of a steeper decline.
