Brent was a whisker away from the October high; Woodside climbed to $27 during that high, equating to a 16.5% rise. Theoretically we should not be that far off.
A 16.5% rise from recent lows = $26.70 (if brent closes near those Oct highs)
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Brent crude oil futures jumped 3.7% to settle at $79.6 per barrel on Friday, levels not seen since October, as fresh U.S. sanctions on Russia's oil sector, sparked concerns about global supply disruptions.
The U.S. Treasury's sanctions target Russian oil producers Gazprom Neft and Surgutneftegas, as well as over 180 vessels, oil traders, and energy officials, aiming to restrict Russia’s oil trade and escalate geopolitical risks.
Additionally, colder U.S. weather has heightened demand for heating fuels, further supporting oil prices.
Analysts from Goldman Sachs and UBS predict that supply constraints, including those from Iran, and a global economic slowdown could cause oil prices to fluctuate throughout 2025.
The Brent benchmark recorded a weekly gain of 4.3%.
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