Barclays flags potential Brent move toward $120 amid heightened Middle East risks

Barclays warned that crude benchmarks could face further upside if Middle East tensions are prolonged, indicating that Oil – Brent Crude may challenge the $120 per barrel level in the coming weeks. The bank argued that market fundamentals are tighter and geopolitical risks more pronounced than many investors had anticipated earlier in the year, suggesting a higher risk premium being priced into futures curves.

Over the past month, Oil – Brent Crude has gained about 24.29%, while Oil – US Crude has risen roughly 26.10%, reflecting growing supply concerns and risk-driven buying. On a 1-day basis, technical indicators currently point to a Buy signal for U.S. crude and a Buy signal for Brent, aligning short-term momentum with the recent strong upward trend.

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