Brent retreats to $95.71 after its first close above $100 since May

Brent crude traded at $95.71 on July 24 in Reuters’ latest global-markets update, down about 5% after reaching a two-month high near $102 and settling above $100 in the previous session for the first time since May. The direct read is a sharp pullback from a psychological breakout, not a resolution of the supply shock.

Why it matters

The move has two competing forces. Iran-aligned Houthi attacks on Saudi tankers increased concern about the Bab el-Mandeb route, while Hormuz traffic remained subdued and Kazakhstan temporarily reduced output after disruption at its main Black Sea export terminal. At the same time, the market is testing whether a $100 price can hold when physical flows have not stopped completely.

Google’s leading results focused on the retreat, physical barrels nearing $110 and renewed stagflation risk. BeCoin adds a timestamped futures level and a scenario map that distinguishes headline risk from confirmation in price.

Technical and market context

The first support is $95, followed by the $92–$93 gap area. A recovery above $98 would put $100 back in play; a daily close above $102 would confirm that the market has absorbed today’s reversal.

TradingView ideas published before the pullback were heavily bullish. Contributors projected $104–$107 or higher if $100 held. Because Brent subsequently fell below $100, those calls are now unconfirmed opinions. Their invalidation levels around $95–$96 are more useful than their targets.

BeCoin forecast read

BeCoin’s base case is a volatile $93–$100 range while shipping evidence changes by the hour. The bull case needs a close back above $100 and continued verified disruption. The bear case strengthens below $93, where the latest geopolitical premium would be unwinding despite unresolved risk.

Track Brent forecasts and compare the move with other markets on the Forecast Hub.

Methodology and sources

Price and event facts: Reuters oil and global-markets reports dated July 24, with the latest retrieved update reviewed at 15:45 UTC. Google results were reviewed July 24; no People Also Ask module appeared for the exact query. TradingView UKOIL ideas dated July 21–23 are treated as opinion.

This content is for education only and is not financial advice.

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