Brent Crude Breaks Above 200-Day Average Amid Ongoing Conflict

Brent crude futures have experienced significant fluctuations in August before closing above their 200-day moving average. This has led to a bullish long-term trend, indicating a high probability of further upside.

The ongoing military conflict in the Middle East and the closure of the Strait of Hormuz are contributing factors to this upward momentum, alongside global oil inventories remaining at multi-year lows.

The resistance level for Brent Futures is currently set at $120, while support levels are established at $70 and $86.