Brent prices keep slowly but patiently climbing higher, shaping up a clear uptrend. Neither comments from high-ranking politicians nor recommendations from leading energy agencies have been able to cap this rally, which is fueled by persistent geopolitical tensions in the Middle East.
The approaching deadline of the US ultimatum to Iran—set for April 7, 2026—is tickling on the market’s nerves. By this date, Tehran is expected to allow energy tankers unhindered passage through the Strait of Hormuz. If Iran violates this agreement, another—and more brutal—wave of tensions could follow.
From a fundamental perspective, the global oil market continues to face a significant supply deficit, estimated at approximately 20 million barrels per day. The International Energy Agency (IEA) has officially called on consumers to minimize their use of petroleum products and other commodities in order to partially ease the shortage and curb further price increases.
To complete the picture, let’s turn to the technical setup. Oil quotes have recently broken through the $113 resistance level, clearing a path toward the next target at $119 per barrel.
The final recommendation:
— Buy Brent crude at the current price, targeting $119 within the next couple of weeks;
— Place a Stop Loss order at $112.8, or slightly below the support level, to manage risks if the market plays against us.
This content is for informational purposes only and is not intended to be investing advice.
