The price for benchmark Brent Crude Oil remains within a medium-term upward trend, having stabilized this week in the range of 109.00–112.00 against several opposing factors, and is currently near the level of 112.00.

The price of benchmark Brent Crude Oil is moving in a global corrective trend, holding above 109.00. At the beginning of the week, trading volumes remain high, and the price has been holding above 100.00 for a long time, moving away from yesterday’s high of 112.00 amid growing geopolitical tensions in the Persian Gulf region.

The probability of growth remains.

On the daily chart, the third upward wave of higher degree (3) is forming, within which the first wave of lower degree 1 of (3) and the correction as the second wave 2 of (3) have completed, and the third wave 3 of (3) is developing. Currently, the first wave i of 3 and the third wave (iii) of i are developing. If the assumption is correct, the asset price will rise to the range of 110.00–115.00. The critical stop loss level for this scenario is 100.00.