Brent Oil Analysis – 07.Jul.2026

Brent Oil Analysis: By analyzing the #BrentOil chart on the weekly timeframe, we can see that after the previous analysis, new tensions around the Strait of Hormuz triggered fresh buying pressure in the oil market.

Brent Oil is currently trading around the $73.2 region and is trying to form its first bullish weekly candle after several weeks of weakness. Of course, there are still around 3 days left before the candle closes, so the weekly close will be very important.

For now, the key demand zone remains around $70 – $72, and as long as buyers defend this area, the bullish recovery scenario can stay alive. On the upside, the nearest supply zones are around $75 – $78, followed by $82 – $85 if momentum gets stronger.

In my view, oil is still sitting in a very important decision area. If tensions around Hormuz continue, buyers may finally get the catalyst they need for a stronger move higher.
(This Post on TradingView)

Author : Arman Shaban
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