Brent crude prices could extend their recent decline, with market indicators suggesting that the rally recorded between July and October has lost momentum amid improving expectations of an end to the US-Iran conflict.
The global oil benchmark has fallen approximately 20 per cent from its late-October peak as hopes for diplomatic progress between Washington and Tehran ease concerns about prolonged disruptions to oil supplies.
Technical analysis shows that Brent’s recent decline paused around the $93.25 to $95.25 per barrel support zone. The level includes the 50 per cent Fibonacci retracement at $94.07 and several major moving averages.
A sustained weekly break below this support range could expose prices to further declines towards $89–$90, followed by $85–$86 per barrel.
Further losses could push Brent towards $78–$80, where traders would assess whether the market is entering a lower trading range or preparing for another decline towards July’s low of approximately $70.
However, a recovery above $100–$101 per barrel could weaken the bearish outlook and signal renewed upward momentum.
The outlook highlights how developments in the Middle East continue to influence oil market expectations, with diplomatic progress potentially reducing the geopolitical risk premium embedded in crude prices.
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