Brent quotes remain highly volatile and continue climbing amid the escalation of the Middle East conflict. Find out more in our analysis for 19 June 2025.
Brent forecast: key trading points
- Market focus: according to EIA data, US crude oil inventories dropped by 11.47 million barrels, below expectations of a 2.3 million barrel decline
- Current trend: moving upwards
- Brent forecast for 19 June 2025: 75.00-76.20
Fundamental analysis
Brent crude rose above 76.00 USD per barrel on Thursday, extending the rally from the previous session and trading at the highest level in over four months. Market participants await more clarity on the potential involvement of the US in the Israel-Iran conflict.
President Trump concluded a meeting with top advisers on Wednesday, but the White House provided little indication on whether the US would support strikes on Tehran’s nuclear sites. Direct involvement could escalate the conflict and jeopardise the region’s energy infrastructure.
The main concern for the oil market remains the Strait of Hormuz, a critical route for one-fifth of global crude oil supplies.
Brent technical analysis
On the H4 chart, Brent prices show a solid uptrend, consistently setting new daily highs. The crude oil is currently trading slightly above 76.00 USD. Given the ongoing escalation in the Middle East, oil prices could continue to rise in the near term.
The short-term Brent price forecast suggests an upward move towards 78.00 USD and higher if bulls hold prices above 76.00 USD. Conversely, if bears push prices below 76.00 USD, a correction down to 73.50 USD may follow.
Summary
Brent quotes have surged above 76.00 USD amid Middle East tensions and a sharp drop in US crude inventories. In the short term, oil prices may continue to climb.
Source: Roboforex