Brent oil may be positioned to surge above $100
Brent crude oil is consolidating near key resistance, with a breakout above $95.50 potentially signalling renewed upside momentum.
Founder, Mott Capital Management
Conditions in the Middle East remain volatile, and Brent crude oil now appears poised to move sharply higher after a period of consolidation. Brent already broke out of a bull flag pattern in mid-August and has been trending higher. It now appears to have formed a symmetrical triangle, which in this case could act as a bullish continuation pattern.
The pattern has been formed by a series of higher lows and lower highs. Currently, a move above $95.50 would be enough for Brent to clear the downtrend and move beyond the previous lower high from 21 August. If that happens, Brent could be on a path to higher prices.
At present, the technical chart suggests that Brent could rise back towards $100, the high established on 23 July. However, the technical pattern also suggests there could be further room to rise if Brent reaches $100. A projection of the move from the low established on 6 July to the high on 23 July, measured from the low on 26 August, would suggest Brent could rise towards $117, bringing it back towards the highs seen in early May.
Brent crude oil price, May 2026 – present
Source: TradingView, 1 September 2026
If the price fails to break out and instead breaks down through the lower boundary of the symmetrical triangle at around $90, that would be bearish and could lead to a return to the August lows near $82.
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Brent oil nears major support as peace hopes rise
Brent crude has fallen back towards a key $93-$96 support zone as hopes for easing tensions between the US and Iran improve the outlook for supply through the Strait of Hormuz. The market is now close to a major technical decision point, with support potentially setting up either a deeper reversal towards $72 or a renewed move back towards the $119 highs.