Prices for benchmark Brent Crude Oil are correcting at 87.00, regaining ground lost last week amid easing geopolitical tensions between Iran and Israel and a decrease in the number of attacks on ships in the Red Sea.

A fall is possible.

On the daily chart, the first wave of the higher level (1) ended, and a downward correction develops as the second wave (2), within which the wave C of (2) forms. Now, the first wave of the lower level i of C of (2) has ended, a local correction has formed as the second wave ii of C of (2), and the wave iii of C of (2) has started. If the assumption is correct, the price of the asset will fall to the area of 70.00–62.50. In this scenario, critical stop loss level is 92.40.

After rising to 92.42 on Friday, Brent Crude Oil is correcting to 89.85 amid reports that Sunday’s Iranian attack caused limited damage to Israeli infrastructure.