Brent crude rose 0.73% to $65.98, mirroring WTI’s bounce on OPEC+ restraint and U.S. rhetoric about additional sanctions on Russian oil. President Trump’s signaling of “phase two” sanctions, alongside Russia’s largest airstrike since the war began, introduced fresh risk premiums.
Yet, the broader backdrop leans bearish. Saudi Arabia’s price cuts to Asia and OPEC+’s renewed focus on market share over price suggest a pivot toward supply competition. Brent remains below critical resistance levels and could face renewed selling if geopolitical risks fade or inventory builds materialize as expected in winter months.
From a technical perspective, Brent remains capped below its 50-day moving average at $67.80 and the 200-day at $69.85. As long as price holds under both trend indicators, the short-term bias remains bearish, with $65.20 as immediate support and $63.85 below that if selling intensifies.
