OIL What will happen given the tensions?
Brent crude oil should reach around 70 dollars, and in my opinion, with rising tensions in the Middle East, it could even hit 80 dollars. There are two scenarios, and both would lead to higher oil prices. The first is that the United States might block Iran’s oil exports, which would push prices up. The second is the possibility of a war in the Middle East, which on its own would be a strong reason for energy prices—including oil—to rise.
From a technical perspective , the price is moving within a bullish flag or wedge pattern, which typically leads to an upward breakout and a continuation of the uptrend. Additionally, with the corrective waves coming to an end, we should expect the formation of new bullish waves.
Best regards CobraVanguard.💚