The probability of growth remains.

On the daily chart, a correction has formed as the higher-degree wave (2), while an upward third wave (3) is developing, including the first lower-degree wave 1 of (3). In the four-hour timeframe, the correction has been completed as the second wave 2 of (3), and the third wave 3 of (3) is developing, continuing the formation of wave i of 3. If this scenario proves correct, the asset’s upward trend is expected to continue toward the 114.65–120.35 area, with a critical stop loss at 86.25.

Prices for the benchmark Brent Crude Oil are in a global corrective trend, trading slightly above the 90.00 level.

During the Asian session, Brent Crude Oil quotes adjusted around 81.92, developing a “bullish” trend in the short term, while investors are trying to assess the consequences of the escalation of the military conflict in the Middle East following the announcement by the US Central Command (CENTCOM) of a new operation, which was launched on July 19. According to the US authorities, its purpose is to influence Iran’s military potential, which is estimated to be used to attack commercial and civilian vessels passing through the Strait of Hormuz.

Brent Crude Oil price is developing a “bullish” ultra-short-term trend, testing the peak from June 11, and attempting to consolidate above 88.50 dollars, while investors monitor the escalation of the Middle East conflict, which has practically eliminated the likelihood of its prompt diplomatic settlement.