Brent crude futures closed at $65.54 per barrel, up 13 cents or 0.2%. Gains followed a similar path to WTI, lifted by concerns over a potential collapse in U.S.-Iran talks, which reduced the threat of additional Iranian barrels entering the global market. Analysts see any escalation in Middle East tensions as broadly supportive for Brent, given its closer exposure to global shipping routes and geopolitical chokepoints.
Yet, the Brent market was also weighed down by broader macroeconomic headwinds, including soft Chinese data and U.S. credit uncertainty. These factors have capped any rally and kept bullish enthusiasm in check.
From a technical standpoint, Brent remains below its 50-day SMA of $67.21. RSI currently sits at 51.23, suggesting a slight bullish tilt but lacking momentum for a breakout. Price action remains trapped below the $67.00–$68.00 resistance band, with near-term support around $63.00.
Outlook: Moderately bullish, contingent on continued geopolitical strain and a sustained move above key technical resistance.
