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Oil prices surge amid escalating global concerns

Technical Analysis
By Mostafa Mahmoud
Oil prices surge amid escalating global concerns
0 5

USOIL

أويل 11-5-2026

Oil is trading above the $87 support level, with prices likely to move sideways between the $107 resistance level and the mentioned support level in today’s trading.

Support

 87 80.50
Resistance 107

113

Oil rose sharply during today’s trading, with Brent crude climbing above $105 and West Texas Intermediate nearing $100 per barrel, after Trump’s rejection of Iran’s response to the peace proposal pushed geopolitical risks back into market pricing. The move came as a direct reaction to fading hopes for a quick de escalation between Washington and Tehran, alongside continued concerns over supply disruptions in the Gulf and the Strait of Hormuz, which supported the risk premium on crude despite weaker Chinese oil imports in April.

Overall, oil remains driven more by political risk than demand at this stage. Any further escalation in the Iranian file could keep prices at elevated levels, while any diplomatic breakthrough may trigger a quick round of profit taking.

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Mostafa Mahmoud

Mostafa Mahmoud Technical Analyst at LDN Mostafa has half a decade of experience in the field of financial markets between technical analysis and financial portfolio management, which extends to more than one financial market between stocks, commodities, currencies and the debt markets.

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