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Brent Meets Resistance Above $111/bbl

The Jul'26 Brent futures contract surged to a high of $111.60/bbl at 17:28 BST this afternoon, where it met resistance...
Published: May 18, 2026
Written by:
Mita Chaturvedi

Mita Chaturvedi

Research Associate, Flux
Mita Chaturvedi
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The Jul'26 Brent futures contract surged to a high of $111.60/bbl at 17:28 BST this afternoon, where it briefly met resistance, although prices returned above the $111/bbl handle at $111.02/bbl at 17:52 BST (time of writing).

The US Treasury is issuing a temporary 30-day general license allowing vulnerable nations to access Russian oil currently stranded at sea, as per Treasury Secretary Scott Bessent. The Treasury will reportedly work with these nations to provide "specific licenses as needed" to stabilise the physical crude market. Bessent also said the measure will help reroute existing supply to countries most in need by "reducing China's ability to stockpile discounted oil." Iran's semi-official news agency Tasnim also reported that the US may temporarily waive sanctions on Iranian crude oil, a key demand by Tehran to agree to a peace deal and reopen the Strait of Hormuz. However, the US has yet to confirm this, with rumours suggesting that the media report may be false. Finally, at the time of writing, the Jul/Aug'26 and Jul/Jan'27 Brent futures spreads stand at $4.60/bbl and $21.22/bbl, respectively.

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