Brent crude price breakout attempt at $92.85 resistance: Key levels to watch

Traders Union
All News
Commodities
Brent crude jumps 1.18% to $91.41 today

Highlights

US-Iran tensions and concerns about potential shipping disruptions through the Strait of Hormuz are increasing demand for Brent crude as buyers hedge against supply risk.
Recent US military strikes against Iranian positions are contributing to a higher risk premium across global oil benchmarks.
Brent crude trades above key support levels with strong bullish momentum, and the expected near-term range is $89.97 to $92.85.

Risk premium climbs as US-Iran tensions threaten oil supply

Renewed US-Iran tensions, particularly concerns about possible shipping disruptions through the Strait of Hormuz, are driving heightened demand for Brent crude as buyers move to hedge against potential supply risks, according to Upstox. Recent US military strikes against Iranian positions in the region, as highlighted by Thehindubusinessline, CNBC, and Business Standard, contribute to the growing risk premium across global oil benchmarks. The intensifying geopolitical backdrop is amplifying market fears around oil supply security and underpins current sentiment across the commodity’s futures curve.

Bullish momentum persists amid overbought signals and mixed oscillators

On the technical front, XBR is supported above the MA-20 at $90.67 and MA-50 at $89.6 on the H1 chart, with the daily MA-200 at $87.04 reinforcing structural support. The Ichimoku Kijun at $90.5 marks immediate support, while resistance is set near recent highs. MACD and ADX are confirming bullish momentum, with RSI in buying territory. CCI and Bull/Bear Power both reflect overbought conditions and persistent buyer dominance, though Stochastic RSI remains neutral and suggests some exhaustion. The Awesome Oscillator is in alignment with the prevailing trend, though mixed oscillator readings hint at possible divergence within ongoing upward moves.

Bullish extension likely as volatility supports further gains

In the short term, the expected 1–3 session price band for XBR is $89.97 to $92.85, reflecting a typical volatility range. Continued upside remains the high-probability scenario, with potential for bullish extension on a breakout above $92.85. Only a decisive move below immediate support at $90.5 would likely trigger a retracement towards the lower boundary of the band.

Viktoras Karapetjanc, Traders Union expert, sees strong upward momentum in Brent crude, reinforced by persistent geopolitical tensions and robust technical support. He believes macro and sentiment drivers remain firmly in play as supply concerns dominate investor positioning. Continued bullish activity is likely while risk premium stays elevated and technicals confirm buyer strength. "With market sentiment sharply focused on supply risks and technicals supporting the current trend, I expect further upside potential to play out above $92.85 in the near term."

In a recent review, analysts highlighted that renewed US-Iran military tensions had reintroduced significant geopolitical risk to global oil markets, with particular concern around the vulnerability of shipping through the Strait of Hormuz. The current technical landscape reinforces this risk-driven momentum, making a sustained breakout above $92.85 an important level for traders to monitor in the coming sessions.

Source of Data: XBR Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.