Tankers Still Get Hit but Brent Crude Oil Keeps Falling

feature image

Brent crude oil has turned bearish after breaking its uptrend, as de-escalation signals outweigh tanker strikes near the Strait of Hormuz.

Razan Hilal, StoneX Media Market Analyst, breaks down the Brent crude oil, WTI crude oil and XLE energy ETF charts behind the shift in energy markets. Recent comments from President Trump and the prospect of a deal between the U.S. and Iran sit behind the broader de-escalation narrative weighing on crude prices.

Brent crude oil and WTI crude oil both show signs of a potential double top pattern after breaking below uptrend support that held since the summer. The XLE energy ETF has dropped back below an 18-year resistance line, pointing to a possible longer-term bearish shift across the energy sector. Persistent strikes on tankers around the Strait of Hormuz keep short-term rebound risk alive within that broader bearish picture.

Full analysis:

This content was created by an affiliate of FOREX.com and represents the views and opinions of the author/speakers, not the views and opinions of Forex.com, StoneX Group Inc., or its subsidiaries. The content has not been independently reviewed by Forex.com.

X: @Rh_waves

 

Open an account today

Experience award-winning platforms with fast and secure execution.

Economic Calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.