Brent Rally Shrugs Off Bearish Forces. Forecast as of 02.09.2026

The US plan to replenish its oil reserves with Venezuelan crude, combined with increased traffic through the Strait of Hormuz, could push Brent back toward the $80–90 range. Yet that has not happened. Let's examine what's keeping oil prices in check and develop a trading plan for Brent.Major Takeaways Fear and greed are pulling Brent in opposite directions. Traffic through the Strait of Hormuz is increasing. Investors are preparing for a prolonged conflict. Long positions on Brent can be c