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Published: 2 November 2026,05:34
Daily Market Analysis New
*Crude Oil: Brent climbed toward $118 per barrel, while WTI settled above $104 as escalating geopolitical tensions supported oil prices.
*Concerns over potential US military strikes against Iran heightened fears of renewed disruptions to Middle Eastern energy supplies.
*Multiple tanker attacks raised uncertainty over maritime security and the stability of global energy transportation routes.
Crude oil prices advanced on Friday, with Brent climbing toward $118 per barrel and West Texas Intermediate (WTI) settling above $104 as renewed geopolitical tensions between the United States and Iran heightened concerns over potential disruptions to Middle Eastern energy supplies. The recovery followed reports that Washington was considering additional military action against Tehran, raising uncertainty over regional security and the possibility of renewed conflict.
Meanwhile, multiple tanker attacks around the Strait of Hormuz have intensified concerns over maritime security and global energy transportation. As one of the world’s most important oil shipping routes, any prolonged disruptions to the waterway could significantly affect crude oil exports from major Persian Gulf producers, potentially tightening global supplies and pushing energy prices higher.
The latest developments have reinforced bullish sentiment in the crude oil market, with Brent gaining approximately 13.6% throughout October. Despite ongoing diplomatic efforts and some recovery in regional oil shipments, persistent geopolitical uncertainty continues to support a substantial risk premium in crude prices. Meanwhile, tight global inventories and concerns over refined petroleum product shortages have provided additional support for the commodity.
Nevertheless, the possibility of diplomatic progress between Washington and Tehran could limit further gains. Any meaningful agreement aimed at reducing military tensions or restoring regional supply stability may encourage investors to take profits following the recent rally. Conversely, renewed military escalation or further attacks on energy infrastructure could reinforce supply concerns and extend bullish momentum.
Looking ahead, crude oil prices could remain elevated and volatile as investors closely monitor US–Iran developments and shipping security around the Strait of Hormuz. Further military escalation could push prices toward fresh highs, while signs of geopolitical de-escalation and improving supply conditions may trigger a technical correction.
Technical Analysis
Crude oil prices are trading lower after retracing from the 104.35 resistance level, suggesting that upside momentum has weakened following the recent recovery.
Momentum indicators remain tilted to the downside, with the MACD showing increasing bearish momentum and the RSI at 45 staying below the midline. This suggests that selling pressure may persist, leaving crude oil vulnerable to further downside.
If bearish momentum continues, crude oil could extend its decline toward the 99.80 support level, followed by 96.50 if selling pressure intensifies.
However, if bearish momentum begins to fade, crude oil may stage a technical rebound and retest the 104.35 resistance level, with further upside toward 106.40 if buyers regain control.
Resistance Levels: 104.35, 106.40
Support Levels: 99.80, 96.50
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