Societe Generale analysts describe Brent as having broken out of a large base and accelerated towards $120 before a steep pullback. The contract is holding above $81, with an upside gap near $93.80 and the $120 pivot high seen as a key hurdle. Ongoing Gulf supply risks keep the focus on these technical levels.

Oil holds above key support band

"Crude and nat gas prices took off again following the new developments in the Gulf, compromising exports from Oman and tanker movements in Iraqi waters."

"Brent recently broke out of a large base formation and accelerated higher towards $120. A steep pullback followed, but Brent has held above the upper end of the prior consolidation zone near $81."

"An upside gap has also formed on the daily chart. In the short term, price action may remain within a broad range."

"The recent pivot high around $120 stands as an interim hurdle, a break above this may lead to further extension of the uptrend."

"The up‑gap near $93.80 and $81 could act as near‑term supports."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)