Oil markets remain highly bullish but volatile this week. Brent surged above $120 before pulling back near $115 as traders balance profit-taking with ongoing supply fears (Axios).

$XBR ‌
Geopolitics is the key driver: disruption risks around the Strait of Hormuz continue to tighten supply, with analysts expecting prolonged shortages and elevated prices (Reuters). Meanwhile, U.S. crude inventories are declining alongside strong exports, reinforcing the bullish backdrop (Reuters).

📊 Market Sentiment:
→ Short-term: mixed (overbought → pullback)
→ Overall: bullish bias (supply concerns dominate)

📈 Outlook (Rest of Week):
Brent likely trades in a 114–120 range.

Bearish case: dip toward 112–114

Bullish case: push back to 118–122 if risks escalate

💡 Bias: Buy dips, avoid chasing highs. Expect volatile swings with upward pressure intact.