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Finding a Line in the Surge

Brent & cracks surge on geopolitics; momentum strong but overbought. Upside targets near key resistance, downside risk if flows fade.
Published: March 3, 2026
Written by:
Donna Dong

Donna Dong

Research Analyst, Flux
Donna Dong
and
Martha Dowding

Martha Dowding

Research Associate, Flux
Martha Dowding
9 page report
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M1 Brent futures dropped to an intraweek low of $69.15/bbl on 26 Feb before seeing much more significant strength. Due to the escalation in the Israel-US war on Iran at the weekend, the contract gapped up over $4.00/bbl on 02 Mar and continues to be strong at $81.90/bbl at the time of writing.

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