Brent rises moderately, finding support near 74.00 USD

Brent prices are attempting to reverse upwards due to buyers’ activity near the 74.00 USD level. Discover more in our Brent analysis for today, 25 February 2025.

Brent forecast: key trading points

• Market focus: the US imposed new sanctions on Iranian oil
• Current trend: consolidating in a sideways range
• Brent forecast for 25 February 2025: 74.00 and 77.00

Fundamental analysis

Brent quotes rose to 75.00 USD per barrel today after the US imposed sanctions yesterday on tanker operators and shipping companies involved in the sale and transportation of Iranian oil. The new restrictions have raised concerns among market participants about the tightening of global supply conditions.

The American Petroleum Institute will release US crude oil stock statistics during the American session today, with the Energy Information Administration (EIA) data due tomorrow. A decline in crude oil stocks may support Brent quotes, while growth could push the asset prices lower.

Brent technical analysis

Brent prices are showing a local upward movement after rebounding from the 74.00 USD support level. The key resistance level is at 77.00 USD. The direction of the price movement out of the 74.00-77.00 USD range will determine further prospects for oil price movements.

The short-term Brent price forecast suggests that the quotes will still have the potential to climb to the 77.00 USD resistance level if the bulls hold above the 74.00 USD support level. Conversely, if the bears gain a foothold below 74.00 USD, prices could decline to 72.00 USD.

Summary

Brent prices rose to the area near 75.00 USD after the US imposed new sanctions on Iranian oil. Today, the market will focus on the API statistics on US crude oil inventories.