Brent prices jump towards 70.00 USD as trade tensions ease

Brent prices are on the rise, reaching the 70.00 USD area amid a trade agreement between the US and the EU. Discover more in our analysis for 29 July 2025.

Brent forecast: key trading points

• Market focus: today, the spotlight is on US crude oil inventory data from the American Petroleum Institute (API)
• Current trend: trading within a broad sideways range
• Brent forecast for 29 July 2025: 70.70 or 67.20

Fundamental analysis

Oil prices are moderately rising, supported by the US-EU trade deal that introduces a 15% tariff on most European goods. This agreement reduces fears that new tariffs could weigh on global economic growth and energy demand.

Today, market focus shifts to the US oil inventory data from the API. An increase in stockpiles may pressure Brent prices, while a decline could offer support.

Brent technical analysis

On the H4 chart, Brent prices show a moderate upward movement, currently trading within a wide horizontal range between 70.80 and 66.20 USD. The direction of the breakout from this range will determine the next price moves.

The short-term Brent price forecast suggests further growth towards the 70.80 USD resistance level if bulls keep prices above 69.00 USD. Conversely, if bears gain ground below 69.00 USD, Brent quotes could decline towards the 66.20 USD support level.

Summary

Brent prices have risen towards the 70.00 USD mark amid the US-EU trade deal. Today, the market awaits US crude inventory data from the API.