Societe Generale’s Kenneth Broux notes Brent is up 4%, trading near $105.2, after carving out an interim low around $96 and repeatedly defending its 50-day moving average. The analysts see the earlier peak at $115 as a key hurdle, with a break higher opening further upside, while a loss of the $102 gap would risk a deeper pullback.

Support at 96–102 underpins crude

"Brent carved out an interim low near $96 during the last pullback and once again defended the 50-DMA, highlighting a lack of steady downward momentum."

"It has formed an up gap around $102 and is now staging a bounce. The peak reached earlier this month at $115 serves as a short-term hurdle."

"A break above this may trigger a larger upward move. There would be a risk of a deeper pullback if the gap near $102 gives way."

"The ceasefire in the Gulf still holds after the US dismissed the counter-proposal of Iran but the blockade continues and the Strait of Hormuz remains shut."

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