Brent Oil Analysis – 08.Jul.2026

Brent Oil Analysis: By analyzing the #BrentOil chart on the weekly timeframe, we can see that the scenario discussed in Monday’s analysis played out perfectly. We mentioned that Oil was sitting near a major demand zone and that the market was probably waiting for a fresh catalyst to start a stronger bullish move. And that is exactly what happened. After new reports suggested that the ceasefire between Iran and the United States was violated, followed by renewed attacks from both sides, Oil finally found the catalyst it needed. Brent Oil reacted strongly from the demand area and rallied sharply from around $70 toward the $79 region.

Currently, the market is showing strong bullish momentum, and the key question is whether buyers can maintain control above the $75 – $78 area. The nearest supply zones are now around $79 – $82, followed by stronger resistance near $85 and then $90 – $93. On the downside, the important demand zones remain around $75 – $76, followed by the major support area between $70 – $72.

If geopolitical tensions continue, Brent Oil could still push higher toward $82, then $85, and potentially $90. For now, the bullish scenario remains active as long as buyers keep defending the current structure.
(This Post on TradingView)

Author : Arman Shaban
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