USOIL
Oil is trading above the $97 support zone, and prices are likely to rise to retest the $108 resistance area, with this scenario invalidated if the previously mentioned support zone is broken to the downside in today’s trading.
|
Support |
97 | 86 |
| Resistance | 108 |
115 |
Oil maintained its strong performance during today’s trading as geopolitical risk premium returned firmly to pricing, amid the lack of any clear progress toward de-escalation between the U.S. and Iran, alongside growing concerns over supply security in the Gulf. Brent crude traded near $111 per barrel, while WTI approached $108, as the market continued to price in the risk of a wider crisis and its direct impact on global energy flows, particularly with the sensitive situation around the Strait of Hormuz.
At the same time, oil is no longer moving only on supply disruption risks, but also on rising inflation concerns driven by higher energy prices. This has been reflected in higher global yields and a reassessment of monetary policy expectations, showing that the current rally is being driven by a mix of geopolitical risks and macroeconomic pressures.
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