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Commodities

Bullish Trend for Brent Crude Futures Continues Amid Ongoing Conflict

Guavy AI Editorial Team
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Oil
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Brent crude futures experienced significant price fluctuations in August but ultimately closed above their 200-day moving average. This long-term bullish trend is likely to continue, driven by strong fundamentals.

One key driver of this upward momentum is the ongoing military conflict in the Middle East and the closure of the Strait of Hormuz, a major oil shipping route. Additionally, global oil inventories have remained at multi-year lows, further supporting prices.

The long-term trend for Brent crude futures is firmly bullish, with resistance at $120 and support levels at $70 and $86.

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