4 min read Brent crude continues to climb as the US and Iran exchange fresh strikes in the Gulf, with the market now testing a key resistance area that could decide whether the rally keeps running.
The daily chart
Brent’s daily chart, testing resistance near 95-96 with a potential move toward 100 if the breakout continues.
Our previous coverage of Brent flagged a break above 90 as the trigger for a move toward 95, and that’s exactly where price now sits. On the daily, Brent is testing the 95-96 resistance zone as tensions between the US and Iran continue to build. A break above this area opens a messier region that formed between March and May, where price whipsawed sharply on the initial outbreak of the conflict. A continuation beyond that could bring a potential resistance zone into play near 100, though this remains conditional and is marked as an open question on the chart itself.
The 1-hour chart
Brent’s 1-hour chart, pressing the top of its range with resistance at 96 and range lows near 93.
On the 1-hour, Brent is forming a range, with price pressing against the upper boundary near 96. A break above this level could open a move toward the same 100 target flagged on the daily. A failure to break out here could see price pull back toward the range lows near 93.
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