Brent Crude Oil Price Poised for 32% Rally Amid Bullish Pattern

Brent crude oil is set for a potential 32% rally as it forms a bullish inverse head and shoulders pattern, according to BeInCrypto. This technical setup, which has been developing since late March 2026, suggests a significant price increase upon a confirmed breakout above the neckline. The rally is supported by persistent calendar backwardation in the futures market, indicating ongoing physical scarcity despite easing geopolitical tensions with Iran. Additionally, strong demand from China, the world's largest oil importer, continues to drive market dynamics, as the country maintains record import levels and expands its strategic reserves.