Brent Oil Analysis – 02.Sep.2026
Brent Oil Analysis: By analyzing the #BrentOil chart on the weekly timeframe, we can see that after the previous analysis, Oil first corrected toward the $78 region. However, that weakness did not last very long.
As tensions between Iran and the United States increased again and both sides returned to military confrontation, buying pressure gradually came back into the Oil market. Politically, everyone keeps talking about temporary pauses and de-escalation, but price is telling a completely different story. :))
In my view, Brent is now preparing for another major bullish expansion. The most important level ahead is the previous major high around $120. If buyers manage to break and stabilize above this level, I believe the next bullish leg could become much more aggressive.
Before reaching $120, the important upside levels I’m watching are $100, followed by $105, $110, $115 and then the major $118 – $120 area. A clean breakout above $120 could open the way toward $125, $130 and potentially even $140 in the medium term.
On the downside, the important demand areas remain around $90 – $94, followed by $82 – $86 and the deeper $76 – $80 region.
Honestly, almost nothing feels stable in this market right now. Every time the situation looks slightly calmer, another headline changes everything again. Based on what I’m seeing on the chart, the market still looks like it is pricing more risk ahead rather than a lasting normalization.
I truly hope that interpretation is wrong from a real-world perspective, but as a trader, my job is to read what price is showing me.
For now, my broader bias on Brent Oil remains bullish.
(This Post on TradingView)
Author : Arman Shaban
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