After yesterday’s refresh of the peak of 106.00, the price of benchmark Brent Crude Oil is moving in a global corrective trend just below 105.00.

The probability of growth remains.

On the daily chart, an ascending third wave of a larger degree (3) is forming, within which the first wave of a lower degree 1 of (3) and the correction as the second wave 2 of (3) have completed, after which the formation of the third wave 3 of (3) began. Currently, the first wave i of 3 and the third wave (iii) of i are developing. If the assumption is correct, Brent Crude Oil will rise to the area of 114.65–120.35. The critical stop loss level for this scenario is 84.55.

The price of benchmark Brent Crude Oil is rising for the fifth trading session in a row and is currently testing the 90.62 level (Murrey [5/8]) amid rising geopolitical tensions in the Middle East.