Brent oil. Give me prediction and analysis for the next 6 hours

Brent oil is currently experiencing a significant uptick, with global prices settling above $80 a barrel for the first time since August 2024. The risk of an Israeli response to the Iranian missile strike has heightened tensions in the Middle East, posing a threat to oil supplies and driving prices up. Here is a detailed analysis and prediction for Brent oil over the next six hours: 1. **Technical Analysis**: - The 6-hour moving average and 6-hour percentage change data are currently not available. However, the 30-day moving average and 30-day percentage change data are also indicative of a bullish trend, with prices rising by more than 3%. - On the technical side, Brent crude is forming an upward wave and could potentially target the $78.20 level. 2. **Market Sentiment**: - Geopolitical tensions, particularly the risk of a broader Middle East war, are a significant factor driving oil prices. The potential for disruptions to oil supplies has oil traders on high alert, leading to spikes in prices. - Despite the upward pressure from geopolitical factors, there are mixed sentiments in the market. Weak demand from China and the appreciating US dollar could act as dampening factors. 3. **Price Forecast**: - In the short term, Brent oil prices are likely to remain elevated due to the prevailing geopolitical risks. However, it's important to note that the market is already pricing in some of these risks, and further gains may depend on any new developments that could escalate tensions. - Goldman Sachs has projected that Brent crude prices could peak between $90 and $100 per barrel in 2025 due to potential disruptions in Iranian production, driven by escalating tensions in the Middle East. This suggests that if the current tensions persist, Brent oil prices could continue to rise in the medium term. 4. **Conclusion**: - In the next six hours, Brent oil is expected to maintain its bullish trend, at least in the immediate term, due to the ongoing geopolitical risks and the potential for disruptions to oil supplies. - However, traders should remain vigilant for any developments that could either escalate or de-escalate the tensions in the Middle East, as these could significantly impact oil prices. In summary, while short-term technical indicators and market sentiment suggest a bullish trend for Brent oil, the overriding factor driving prices in the next six hours will likely be geopolitical tensions. Traders should closely monitor any new developments in the Middle East that could impact oil supplies and prices.