Brent Breaches US$108 Driven by Geopolitical Tensions

Oil prices maintained a strong bullish trend during Friday's trading (Sept 11), with Brent rising to around US$108–109 per barrel and WTI trading above US$103. This rally was primarily driven by escalating conflict in the Middle East—including attacks on vessels near the Strait of Hormuz and heightened Houthi activity—which raised concerns regarding potential energy supply disruptions. Shipping activity through the Strait of Hormuz has also dropped sharply, prompting the market to price in a higher risk premium.

However, the upward momentum faces a risk of correction; prices have surged nearly 13% over the week, and OPEC has lowered its forecast for global oil demand growth for 2026 to approximately 380,000 barrels per day. Fundamentally, the bias remains bullish as long as supply disruptions persist; however, profit-taking could emerge at any time should there be diplomatic breakthroughs or signs of improving shipping flows. (mrv)*

Brent crude price at the time of this analysis: $108.13

- Buy if the price moves to $108.18

- Sell if the price moves to $108.08

Resistance 2: $110.48

Resistance 1: $109.54

Support 1: $107.46

Support 2: $106.32

Note: This article is analytical in nature and does not constitute a definitive recommendation. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.

Source: Newsmaker.id