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Brent oil rises for a second straight session amid US-Iran uncertainty
Brent topped $93.33 in the European session, but gains face resistance near the $93.66 Ichimoku cloud top.
Brent crude rose for a second straight day on Thursday as the latest escalation in the US and Iran conflict cooled, briefly reviving optimism for a diplomatic initiative. At the same time, traders also weighed renewed concerns that the situation could disrupt supply.
In European trading, Brent peaked at $93.33, and the move marked more than a 50% retracement of the recent bear leg between $101.97 and $92.51. However, Action Forex said recovery pressure increased as price approached the top of the daily Ichimoku cloud around $93.66, and the session saw some retracement from the day’s advance.
Action Forex noted that the near-term outlook remains fragile because geopolitics is driving direction. It said repeated daily closes above $90 are needed to keep the market biased higher, with further confirmation tied to a close above the 50% retracement level near $92.24.
The analysis also flagged risk if gains stall, with a failure to hold above $90 potentially exposing a lower pivot around $86.85, near the daily cloud base. It pointed to an area to test higher if the bullish structure holds, including $93.66 and the $94.54/$94.76 zone linked to Fib levels and the 100-day moving average.
Latest closeWTI crude $91.10 ▲3.2%|Brent $103.93 ▲3.7%