Brent Crude Oil price has been developing a negative dynamics since the beginning of last month and is currently testing 79.00 (Fibonacci correction 61.8%) under pressure from expectations of a final diplomatic settlement of the US-Iranian conflict, although the situation in the Middle East region remains unstable and changes quickly.

Prices for the benchmark Brent Crude Oil are in a global correction trend, holding slightly above 79.00.

The price of Brent Crude Oil returned to the levels of early March, around 78.70, after reports of concluding a framework US-Iranian ceasefire agreement.

The price is in correction, the probability of decline remains.

On the weekly chart, the correction forming the second wave of the senior level (2) has completed, and the ascending third wave (3) is being built. The first wave of the lower-degree wave 1 of (3) has already emerged on the daily timeframe, while a corrective phase is unfolding as wave 2 of (3), which includes the development of wave a of 2. If this scenario proves correct, the downward trend is expected to continue toward the 82.50–73.00 area, with the critical stop loss level for this scenario at 98.50.

During the morning session, prices for the benchmark Brent Crude Oil are correcting after yesterday’s growth and testing 92.50 on breakdown, while investors are watching another round of escalation of the Middle East conflict.