Oil price downside capped by ongoing US-Iran tensions
Oil recovered some losses as traders assessed Trump's military options against Iran. Focus stays on diplomatic and military developments.
Crude oil rose to $103.53 on Middle East tension, nearing this week's high of $103.92.
Crude futures reached a fresh intraday peak at $103.53, posting a gain of $3.59, or 3.57%, during the session. This brings prices nearer to the $103.92 level hit earlier in the week, with further resistance points now coming into view.
Geopolitical risks continue to underpin the market. A Fox News report cited official and military sources saying that steps are taking place across the Middle East to provide President Trump with options in case he chooses to launch more strikes against Iran. The sources emphasized that the moves aim to keep U.S. forces prepared, though no decision has been made by the president.
In a separate development, the Wall Street Journal reported overnight that Washington has alerted several Gulf Arab states to brace for a short, intense military campaign following the midterm elections. Such reports maintain focus on the possibility of renewed hostilities and potential supply disruptions.
From a technical perspective, buyers remain in charge as prices approach $103.92. A move above that level would shift attention to the $104.46–$105.21 swing area shown on the chart. That range represents the next significant barrier. If prices push decisively through that zone, a challenge of September's $106.75 high could follow.
On the downside, the rising 100-hour moving average at $101.05 serves as an initial reference, with the 200-hour moving average at $99.53 next. Sellers would need to drive prices below those levels to undermine the bullish bias and prompt buyers to reassess the uptrend.
At present, the technical outlook continues to favor buyers. The next challenge will be whether they can surpass $103.92 and extend the rally into the overhead swing area.
Share to
Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
Oil recovered some losses as traders assessed Trump's military options against Iran. Focus stays on diplomatic and military developments.
Gold eased during the tech rout but avoided heavy liquidation, breaking a recent pattern, as positioning and macro factors shifted.
Gold fell 31% from its January record, with six factors driving the selloff. A bounce after US midterms is testing resistance near $4,145.
WTI crude oil prices rebounded 2.72% to close at $90.52 per barrel on Thursday, as buyers stepped in near support levels after Wednesday's sharp decline.