As shown from the daily chart, Brent crude jumped as much as 18% to kick off another tempestuous week after a 21% surge last week. The jaw-dropping movement was triggered by rising fears after the White House said a new round of sanctions targeting Russia’s oil export was on the table.
The brutal supply crunch has now pushed the crude oil price to its highest level since July 2018, with the all-time-high level ($140) recorded in the June 2018 only one step away.
Technically speaking, Brent crude oil is supported at the level of $117.5, while WTI should find imminent support from $114.