Brent Crude Oil Price Forecast: Will Iran's 'October Surprise' Push Prices to $119?

Crude oil prices have pulled back in recent weeks due to rising flows through the Strait of Hormuz. This has led to Brent crude dropping to $97.7 and West Texas Intermediate (WTI) falling to $90.

However, analysts believe that there is a high likelihood of an 'October Surprise' where Iran escalates its actions to push oil prices higher and punish President Donald Trump at the midterm elections.

This could lead to Brent crude oil prices surging to potentially $119 if they break the key resistance level of $109.96, or crashing to below $80 if calm persists.