Brent crude futures ended Friday at $116.72 a barrel, gaining 3.14%, in a move Reuters linked to fresh concerns about possible supply interruptions in the Middle East.
Reuters tied those concerns to Houthi attacks in Saudi Arabia and an oil spill reported off the coast of the United Arab Emirates. The settlement was $3.55 above the previous session.
FXStreet attributed a technical assessment to unnamed Societe Generale analysts. The outlet said they interpreted Brent’s move beyond a recent trading band as a return of upward momentum, pointing to prices staying above a widely watched 50-day average during a period of sideways trading.
The report listed $116 and $119 per barrel as projected levels, with $127 as a further projection. It also identified about $106 as possible support if prices fell. FXStreet did not name the analysts or specify a time frame for the projections.
The U.S. Energy Information Administration (EIA) forecast Oct. 6 that Brent spot prices would average $105 per barrel in the fourth quarter of 2026, $14 above its previous estimate. The agency said it finalized that forecast on Oct. 1, before later market events. Its next Short-Term Energy Outlook is scheduled for Nov. 10.
