Brent Crude Oil Weekly Outlook (3–7 Aug 2026)Crude Oil Brent CashBLACKBULL:BRENTYES_GroupBrent crude oil extended its gains last week despite the Federal Reserve keeping interest rates unchanged while maintaining a hawkish policy stance. Prices continued to be supported by ongoing supply concerns, expectations surrounding OPEC+ production policy, and escalating geopolitical tensions in the Middle East, all of which have increased the risk of disruptions to global oil supplies. However, the stronger U.S. Dollar Index (DXY) may limit further upside in oil prices over the near term. This week, investors will closely monitor key U.S. economic releases, including the ISM Services PMI, Trade Balance, Initial Jobless Claims, and the weekly EIA Crude Oil Inventories report to assess global supply-demand conditions. A larger-than-expected draw in crude inventories or an escalation in geopolitical tensions could provide further support for Brent prices. On the other hand, an unexpected inventory build combined with weaker U.S. economic data could trigger profit-taking and weigh on the market. Weekly Outlook: Sideways with a Bullish Bias. Brent continues to trade above its Ascending Trendline, maintaining a constructive technical outlook despite facing a key resistance zone. A decisive breakout could confirm the next bullish leg toward the 97.00–98.00 area. However, failure to break above resistance may lead to a pullback toward the 85.00–82.00 support zone before establishing its next directional move. Bullish: 97.00–98.00 USD Bearish: 85.00–82.00 USD