The oil market continues to exhibit volatility, but recent events hint at a possible upward trend. Brent crude oil futures ended Thursday with a slight gain of 0.09%, indicating that the market has not fully realized its potential for decline and is beginning to turn upward.

 Key factors influencing prices:

 Geopolitical tensions: The rejection of Iran's proposed conflict resolution plan by the United States has become a significant factor supporting oil prices. Any escalation of tensions in the Persian Gulf region, where the Strait of Hormuz is located, traditionally has a direct impact on global oil supplies.
The Strait of Hormuz: As noted, the Strait of Hormuz remains closed, which continues to support oil prices in the medium term. Any disruptions to this critical transportation route for global oil production inevitably lead to higher prices.
Market Expectations: Despite short-term fluctuations, market sentiment is shifting towards expectations of growth. Sustainable demand, ongoing supply concerns, and geopolitical instability create a favorable environment for price appreciation.
Potential growth targets:

While it is challenging to predict the exact targets for oil price growth with absolute accuracy, there are several guiding principles based on current trends and fundamental factors:

Current resistances: The market may aim to break through nearby resistance levels that have previously limited growth. Successfully surpassing these levels will pave the way for higher values.
Fundamental drivers: Ongoing geopolitical tensions, potential supply disruptions, or increased inventories in consumer countries could catalyze more significant growth.
Technical analysis: Analyzing price charts and indicators can reveal potential growth targets based on historical patterns and trends.
What's next?

The coming days and weeks will be crucial in determining the future trajectory of oil prices. It is important to keep an eye on:

The development of the geopolitical situation: Any news related to Iran and the Persian Gulf region will be of utmost importance.
Oil inventory reports: Data on inventories in the United States and other major consumers can influence market expectations.
OPEC+ actions: Decisions made by oil-producing countries regarding production quotas also remain a significant factor.
 

The current situation in the oil market suggests that there is a real potential for the price of black gold to rise. Geopolitical factors related to Iran and the Strait of Hormuz are providing significant support. Investors and market participants should closely monitor developments to respond to changing market conditions and seize emerging opportunities.