Brent Set to Rally as Middle East Tensions Escalate. Forecast as of 12.08.2026

The oil market continues to swing between periods of escalation and de-escalation and remains highly sensitive to headline news. However, fundamental factors continue to favor bears. Let's take a closer look at the situation and develop a trading plan for Brent.Major Takeaways The IEA estimates the supply shortfall at 1.8 million bpd. The crisis in the Middle East continues to escalate. Maritime oil shipments from the region have fallen to 4.9 million bpd. A break above $90 per barrel could prov