Brent Crude: Will De-escalation Lower Prices Even Further?

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Brent crude oil prices remain bearish below the October 29 high of $72.15 per barrel, with traders likely targeting the recent low around $70.49. A break below this level could drive prices further down to the next support at $69.40. Conversely, a push above $72.15 could lift prices higher, potentially closing the gap from Sunday. This gap emerged after news that Israel’s attack on Iran avoided energy production facilities, and Iran’s response was restrained. As a result, the market removed some of the risk premium that had been pricing in a wider regional conflict.

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