Russian OIL Refineries

Brent crude is again drawing attention to the $130 zone after trading as high as $126.41 on April 30, its strongest level since March 2022. FXCOINZ examines why traders are watching $100, $120 and $126 as critical markers in a market shaped by disrupted flows, falling inventories and hard-asset repricing.

Brent crude is again approaching the psychologically important $100 area, putting higher oil targets back into focus after a year of rapid hard asset repricing. Market participants are watching $100, $120, $126 and $130 as key levels while Hormuz disruption, falling inventories and shrinking emergency buffers keep upside risks alive.