Societe Generale’s Kenneth Broux and colleagues note Brent has broken below its 200‑day moving average around $78.4, leaving prices roughly 38% off their peak but still about 10% above pre‑war levels. They highlight nearby support at $75/$73 and resistance at $86, while Iran’s expected return to Oil exports and a gradual restoration of supply shape their outlook.

Oil correction defines key technical zones

"The decline in Brent below the 200dma of $78.4/b means prices have crumbled by a whopping 38% from the peak but still trade around 10% above pre-war level in February."

"Technically, we identify support at $75/$73 and resistance at $86."

"Newswires report that Iran will be permitted to immediately begin with the sale of oil following the signing of the MoU on Friday."

"The price action has been nothing short of spectacular if we consider that it will take until Jan-27 for oil supplies to be restored to pre-war levels (SG view)."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)