Oil Price Forecast: Brent Eyes $100 After Iran Strikes U.S. Bases in Kuwait

Iran’s missile and drone strikes on U.S. bases in Kuwait have heightened tensions over an escalation of the conflict throughout the region. The attacks came after U.S. attacks against Iran and the Iranian response against Jordan and Bahrain. These escalations could pose risks to oil installations and shipping lanes throughout the Gulf. It could also disrupt flows through the Strait of Hormuz. These risks may maintain a geopolitical risk premium in oil prices and support the short term bullish momentum in Brent and WTI.

But the conflict might not continue at the same intensity. President Trump said that the renewed conflict might not last much longer. His key officials also don’t want further escalation before the November midterm elections. The growing popular opposition to the war introduces political pressure on the administration. A ceasefire or quieter period could reduce supply fears and pull oil prices lower. But until definite signs of de-escalation hit the market, oil can continue to be volatile.

WTI Oil Price Forecast: Break Above $93.80 Targets $97

The daily chart for WTI crude oil shows that the price has broken the triangle pattern at $87. Then, the price moved to the initial resistance at $92.50. After hitting this resistance, the price is consolidating within tight range. A break above $92.50 will push the price toward $96.50 in the short term.

The price remains well above the 50-day and 200-day SMAs. The RSI also remains above the midline, which points to positive price action in the WTI crude oil market. The weekly chart for WTI crude oil also shows positive structure after the price broke the descending trendline in March 2026. The price remains above the 10-week and 20-week SMAs, which points to further upside.

The 4-hour chart for WTI oil also shows a positive short term price structure. The chart shows the formation of a rounding bottom pattern as discussed in the previous analysis. The price has broken above $87 and moved to the $93.80 area in the short term. A break above $93.80 may push the price toward the $97 area.

But the RSI has reached the overbought level in the short term, which may trigger a correction toward the $87-$88 region. But the overall price structure remains bullish and a break above $97 will open the way for further upside in the short term.

Brent Oil Price Forecast: $100 Resistance in Focus

Brent crude oil has broken above $95. The price is now pushing toward $102, which is the immediate resistance. The $95 level now becomes short-term support in the Brent crude oil market. A break above the $102 level will open the way for a strong move toward the $115 level. On the other hand, a break below $95 will indicate further downside.

The 50-day SMA is now crossing the 200-day SMA, which points to a positive outlook for the Brent crude oil market. The RSI also remains above the midline, which indicates further upside toward the $102 level.

The weekly chart for Brent crude oil shows that the price has reached $99.25 which is very close to the resistance of $100. A break above the $100 area will likely open the way for strong surge toward the $120 region. But as long as the price remains above the $80 level, Brent crude oil will likely remain bullish in the short term.

Bottom Line

Oil prices gain support from the rising tensions in the Gulf. These tensions increase the risk of supply disruptions. A break above $92.50 in WTI could push the price toward $97. Brent also maintains a positive outlook above $95 with $100 and $102 as the key resistance levels. But both markets may face correction in the short term after their recent gains. A ceasefire could weaken the geopolitical risk premium, but further escalation may drive oil prices higher. In my view, crude oil may continue to rally as long as the $80 level holds in both the WTI and Brent oil markets.

Read more: Brent Eyes $100 as U.S.-Iran Strikes Resumes