As seen on the XBR/USD chart, Brent crude oil prices are hovering near last week’s highs this morning as market participants assess various influencing factors, including:

→ New U.S. sanctions on Iran, which are limiting its export capacity and tightening global supply, particularly to China.
→ Ongoing negotiations between the U.S., Ukraine, and Russia in Saudi Arabia, which could potentially lead to increased Russian oil exports.
→ OPEC+ plans to raise oil production starting in April.

Technical Analysis of XBR/USD

From a technical perspective, Brent crude oil is trading near a key resistance zone, which consists of:

→ A bearish Fair Value Gap (highlighted in purple).
→ The upper boundary of the descending channel.
→ The upper boundary of a narrowing triangle (shown in black), which can be interpreted as a Rising Wedge pattern.

The Rising Wedge may represent a corrective rebound within a broader bearish trend. If buyers fail to break through this resistance zone, Brent crude prices could resume their downtrend within the red channel.

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