Brent Eyes Geopolitical RiskCrude Oil Brent CashBLACKBULL:BRENTYES_Group- Last Week Recap | 31 AUG–4 SEP 2026 Brent surged over the past week as tensions between the United States and Iran intensified, raising concerns over potential Supply Disruptions and the transportation of crude oil through the Strait of Hormuz. The significant decline in vessel traffic through the Strait further heightened concerns over global oil supply. Meanwhile, Ukrainian attacks on Russian refineries added to concerns over potential Supply Disruptions in the global oil market. By the end of the week, Brent closed around $92.68/barrel, gaining approximately 7.6% WoW. Oil prices also received additional support from a larger-than-expected decline in US Crude Inventories, which fell by approximately 4.5 million barrels, reinforcing buying interest and concerns over tighter supply conditions. - Fundamental Analysis | 7–11 SEP 2026 Brent is expected to remain Bullish but highly volatile, with Geopolitical Risk and Supply Disruptions continuing to be the key drivers amid ongoing tensions between the US and Iran. If the conflict remains prolonged and oil transportation through the Strait of Hormuz continues to face restrictions, the market could maintain a significant Geopolitical Risk Premium, providing further support for Brent prices. Meanwhile, US Crude Inventories will remain an important factor for short-term price direction. Following a larger-than-expected decline in US crude stocks last week, tighter supply conditions could continue to support oil prices. If inventories decline further, this could strengthen the bullish momentum, while a renewed increase in inventories could limit the upside. However, the market should remain cautious about Global Demand, particularly from China and the global economy, which continues to show signs of slowing growth. This could limit the medium-term upside for Brent. Overall: Brent maintains a Bullish Bias, with the market primarily focusing on the US–Iran Conflict, Strait of Hormuz, US Crude Inventories, and Global Demand. If tensions in the Middle East remain elevated, Brent could continue to move higher. However, any signs of negotiations or a normalization of Supply conditions could trigger Take Profit and a sharp correction. Technical Analysis — BRENT 4H Brent has a Bullish outlook, with the price continuing to trade above the EMA and EMA200, while maintaining a Higher High / Higher Low structure and an upward Trendline. If the price can hold above key support and break out above 99.77, it could continue higher toward the 102.00 target. Conversely, a break below the Trendline and key support levels could weaken the bullish momentum and trigger a deeper correction. Bias: Bullish Resistance: 99.77 / 102.00 Support: 97.40 / 94.94 Target: 102.00 Cut Loss: Below 94.94