Crude Oil Market Trend Forecast for Next Week

The oil price continued its upward trend this week, despite a brief correction on Friday. As of Friday's Asian session, Brent crude oil futures dropped by $1.57, or 2%, to $77.28 per barrel. However, the cumulative weekly gain reached 3.9%, marking three consecutive weekly increases. Geopolitical risks continued to fuel market sentiment. Oil prices surged nearly 3% on Thursday after Israel bombed Iranian nuclear targets, following Iran's missile strikes on Israel after its earlier missile attack on an Israeli hospital. The focus of the current crude oil market has shifted entirely from supply-demand fundamentals to geopolitical risks. Although Iran's crude oil exports have not been substantially disrupted, investors have started to price in the worst-case scenario. If the situation further deteriorates and affects shipping routes through the Strait of Hormuz, global energy prices may face a new round of sharp volatility.

In the short term, oil prices still exhibit upward potential, with the current trend maintaining an overall upward trajectory. The MACD indicator's fast and slow lines overlap with bullish bars above the zero axis, signaling robust bullish momentum. This suggests that the medium-term trend is expected to usher in an upward rally.

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