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Brent oil nears another breakout attempt

Brent crude is approaching resistance at $111–$113 a barrel as momentum improves. A breakout could open the way towards $120, while another rejection risks a retreat into the lower $90s.

Michael J Kramer

Founder, Mott Capital Management

12 Oct 2026, 11:00

Brent crude was close to breaking down just a few weeks ago but held key technical support levels, preserving the uptrend that began in early July. Prices are now moving higher again and nearing a technical resistance region that, if broken, could send them towards $120 a barrel.

Brent prices are also supported by a rising relative strength index (RSI), indicating bullish momentum. At 62, the RSI remains below the conventional overbought threshold of 70, and its sustained upward trend reinforces the improving momentum.

Brent is also supported by its rising trendline on the technical chart, the 10-day exponential moving average and the 20-day simple moving average. A move above $111 a barrel could set up a test of resistance at $113. A breakout above that level could then pave the way for a return towards previous highs near $120.

Brent crude daily, December 2025 – present

Source: TradingView, 12 October 2026

Reversing Brent's current upward momentum would require a significant shift, but a failure to break above resistance near $113 would be a bearish warning sign. Brent has surpassed that price point only once so far, in late April, and those gains did not hold.

Another rejection would suggest that Brent lacks the momentum to push beyond its previous highs and could send prices back towards the lower end of the trading range in the lower $90s.

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Brent oil prices reach an inflexion point

Brent crude is testing key support near its 20-day moving average. A break below $95 a barrel could weaken the uptrend, while a hold may reopen the path above $110.

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