Brent crude oil, recent price movements have mainly fluctuated around the Middle East situation. As of May 16, XBR is quoted at approximately $105.25, up 1.88% in 24 hours, with a daily high of $105.43 and a daily low of $103.24. The trading volume is about $1.67 million, with a long-short ratio of 0.987, and the market direction remains uncertain.

Market review and fundamentals
On May 11-12, rumors of a ceasefire triggered the retreat of geopolitical premiums, causing a sharp drop of about $5 to around $100.53. Subsequently, driven by oversold technical signals, a deep V-shaped rebound occurred, recovering to the previous high before the decline on May 15-16. Currently, concerns over the closure of the Strait of Hormuz remain the core support, but the market has begun to weigh the potential demand suppression from high oil prices.

Technical analysis and key levels
The RSI is crossing upward, indicating continued short-term rebound momentum. Key support levels are at $100.5-$101.5, with resistance above at around $105.4 and $109. The EIA forecasts an average price of $95 per barrel in 2026, while JPMorgan’s Q2/Q3 quarterly price estimates are $103 and $104, respectively.

Easing geopolitical tensions could lead to a rapid decline in oil prices again, while escalation might test above $110, with volatile swings. Position and leverage control are essential. #TradFi交易分享挑战