Home / News / Crude oil technical analysis: The price of Crude oil stretches higher on persistent tension
Crude oil technical analysis: The price of Crude oil stretches higher on persistent tension
<p class="PDq2pG_selectionAnchorContainer">Crude oil futures are trading sharply higher as tensions in the Middle East continue to escalate and concerns grow about the security of global oil supplies.</p><p>Yesterday, U.S. forces said they destroyed five Iranian oil tankers after Iran launched missile attacks against a U.S. warship. Iran responded by targeting a U.S. base in Jordan and threatening additional action against shipping in the Persian Gulf.</p><p>The conflict also widened after Iranian-backed Houthi forces attacked several Saudi cities and oil facilities. Overnight, Iran said it attacked 10 ships near the Strait of Hormuz—the largest wave of attacks against shipping since the war began. Iran is also threatening new maritime exclusion zones, increasing the risk of further disruptions through one of the world’s most important oil-shipping routes.</p><p>Those developments have added another geopolitical premium to crude oil, with Brent moving above $100 per barrel and WTI extending toward its early-June highs.</p><p>Fundamentally, the concerns about supply are helping to support the buyers. Technically, however, the price is also approaching some important upside targets. Those levels will help traders determine whether the buyers can remain in firm control—or whether they are becoming stretched and vulnerable to a corrective move.</p><p>So, what are the technicals telling us?</p><p>The price of crude oil futures is extending to new highs, reaching its strongest leve
Higher education in Financial Engineering and Money & Capital Markets. SPK (Turkey CMB) licence. 16 years across institutional markets, research, and quant-driven analytics.
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<p class="PDq2pG_selectionAnchorContainer">Crude oil futures are trading sharply higher as tensions in the Middle East continue to escalate and concerns grow about the security of global oil supplies.</p><p>Yesterday, U.S. forces said they destroyed five Iranian oil tankers after Iran launched missile attacks against a U.S. warship. Iran responded by targeting a U.S. base in Jordan and threatening additional action against shipping in the Persian Gulf.</p><p>The conflict also widened after Iranian-backed Houthi forces attacked several Saudi cities and oil facilities. Overnight, Iran said it attacked 10 ships near the Strait of Hormuz—the largest wave of attacks against shipping since the war began. Iran is also threatening new maritime exclusion zones, increasing the risk of further disruptions through one of the world’s most important oil-shipping routes.</p><p>Those developments have added another geopolitical premium to crude oil, with Brent moving above $100 per barrel and WTI extending toward its early-June highs.</p><p>Fundamentally, the concerns about supply are helping to support the buyers. Technically, however, the price is also approaching some important upside targets. Those levels will help traders determine whether the buyers can remain in firm control—or whether they are becoming stretched and vulnerable to a corrective move.</p><p>So, what are the technicals telling us?</p><p>The price of crude oil futures is extending to new highs, reaching its strongest leve
