Oil prices moved higher on Friday, August 14, with Brent around $88.5/bbl and WTI around $82.4/bbl. Brent gained roughly 1.7% on the day and about 6% for the week.
🔥 What is driving oil?
Middle East supply risk: Continued U.S.–Iran tensions and uncertainty around reopening the Strait of Hormuz are keeping a geopolitical premium in crude.
Tanker disruptions: Recent attacks on vessels have increased concerns about shipping and supply flows.
Bearish counterforce: Rising U.S. crude inventories and expectations of slower global demand could limit the upside if geopolitical tensions ease.
📊 Technical outlook
Brent: Bias remains bullish above $85.
Resistance: $90 → $92 → $95
Support: $86 → $84 → $80
A sustained break above $90 could open the way toward $92–95.
Failure to hold $84–85 would increase the risk of a pullback toward $80.
The EIA currently expects Brent to average around $85/bbl in Q3 2026, while longer-term forecasts anticipate prices easing as supply normalizes.
Bottom line: 🟢 Short-term bullish, but highly headline-sensitive. The $90 level is the key near-term test; a de-escalation around Hormuz could trigger a sharp reversal.
#OilEdgesHigher #AnthropicIPOMeetingsSkipFinancialsValuation #KalshiOrderedToSuspendWashingtonOperations #GlobalStocksNearRecordHighs #levelsabovemagical
🔥 What is driving oil?
Middle East supply risk: Continued U.S.–Iran tensions and uncertainty around reopening the Strait of Hormuz are keeping a geopolitical premium in crude.
Tanker disruptions: Recent attacks on vessels have increased concerns about shipping and supply flows.
Bearish counterforce: Rising U.S. crude inventories and expectations of slower global demand could limit the upside if geopolitical tensions ease.
📊 Technical outlook
Brent: Bias remains bullish above $85.
Resistance: $90 → $92 → $95
Support: $86 → $84 → $80
A sustained break above $90 could open the way toward $92–95.
Failure to hold $84–85 would increase the risk of a pullback toward $80.
The EIA currently expects Brent to average around $85/bbl in Q3 2026, while longer-term forecasts anticipate prices easing as supply normalizes.
Bottom line: 🟢 Short-term bullish, but highly headline-sensitive. The $90 level is the key near-term test; a de-escalation around Hormuz could trigger a sharp reversal.
#OilEdgesHigher #AnthropicIPOMeetingsSkipFinancialsValuation #KalshiOrderedToSuspendWashingtonOperations #GlobalStocksNearRecordHighs #levelsabovemagical