Oil benchmarks have been hammered this week, shedding over 6% thanks to potent fundamental forces. Brent is under pressure on the daily charts with prices slipping below the 21-day SMA.

A cocktail of high-impact events could present fresh trading opportunities in the week ahead. But the spotlight shines on FXTM’s US30 which may be influenced by geopolitics, top data including the US CPI & big bank earnings.

Risk aversion engulfed global markets yesterday (Tuesday, 1st October) as tensions flared up in the Middle East. Iran launched a barrage of ballistic missiles at Israel, sparking fears of a wider conflict in the region.

The past few months have been rough and rocky for oil benchmarks. Crude and Brent shed over 16% in Q3 due to expectations around OPEC+ bringing back production while a slowdown in China rubbed salt into the wound.