Brent has now skyrocketed by 10% since the Israel-Hamas war broke out on October 7th.

This latest conflict in the Middle East has helped the global oil benchmark erase all of its month-to-date declines, with Brent now comfortably back in the mid-$90/bbl region.

From a technical perspective, Brent still has more room to climb, given that Brent's 14-day relative strength index( RSI) has yet to break into "overbought" territory (when the RSI crosses above 70).

Oil bulls have fed off fears that the ongoing conflict in the Middle East could spill over into the broader oil-rich region and potentially choke global supplies.

Markets are still pricing in the war and geopolitical premiums as the drums of war continue unabated, despite the efforts of global leaders at containing this conflict as well as the deal to bring more Venezuelan crude online.

Oil bulls drew further support from news that the US would have to refill its Strategic Petroleum Reserves by up to 6 million barrels in December and January.

Brent may even surpass $100/bbl on confirmation that major oil-producing nations are dragged into this conflict.

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