Brent Oil Extends Gains as Middle East Uncertainty Continues to Support Prices

Brent crude remains on a firm upward trajectory on Friday, trading near a one-month high and heading for a second consecutive week of strong gains, with prices up nearly 6% so far this week.

The latest rally continues to be fueled by mounting uncertainty in the Middle East, where tensions remain elevated as the United States pushes for tougher sanctions on Iranian oil exports, while Iran maintains restrictions around the Strait of Hormuz and warns of a forceful response to further pressure.

Any further escalation in the region could trigger additional supply disruptions from key Gulf producers, raising concerns over global energy security and potentially driving oil prices above the $100-per-barrel threshold.

Brent crude is holding above the $94 mark in Friday trading and appears on course for a weekly close above $90, a development that would reinforce the positive technical outlook. The move is supported by strengthening upward momentum and a series of bullish moving-average crossovers on the daily chart.

From a technical perspective, the recently breached Fibonacci level at $92.85 has now turned into initial support. Further downside protection is seen at the top of the daily Ichimoku cloud around $91.41, where any pullbacks are expected to attract fresh buying interest and provide opportunities for another leg higher.

Res: 94.69; 95.12; 96.34; 98.96
Sup: 92.85; 91.90; 91.41; 90.00