OIL LONG vs SHORT BRENT

The outlook is currently more bullish, but this zone is already dangerous for chasing longs.

The main driver right now is geopolitics.
The new escalation between the US and Iran, along with disruptions to tanker traffic through the Strait of Hormuz, is increasing concerns over oil supplies.

$92–93 is the nearest resistance zone. If the price breaks and holds above $93, the next targets could be $95–97.

If $92–93 fails to break and profit-taking begins, a pullback toward $90–89 is likely. Below $89, the picture becomes significantly weaker.

Fundamentally, however, the risk remains on the buyers’ side: further deterioration around the Strait of Hormuz could quickly push oil toward $100. Goldman Sachs sees Brent potentially reaching $120 in the event of a severe supply disruption.

It’s better to watch the reaction around $92–93. Even better, consider scaling into positions, leaving room to add on a correction and wait for the ideal move amid a possible ceasefire and recovery in prices.

Peace in the world — or a continuation of the crisis?