Crude Oil Price Rally Continues Amid Ongoing Headlines

The crude oil market is seeing a rally in early trading on Thursday, bouncing from around $90 as investors try to navigate the latest headlines and press releases from Tehran and Washington.

The WTI Crude Oil market has been testing support levels around the 50-day EMA near $89.74, suggesting that it may consolidate in this range for now.

Brent Oil markets are also showing a similar trend, rebounding above the $95 level and the 50-day EMA, with an eye on filling the gap in the price chart.

Rising interest rates are still a concern for energy inflation, but it remains to be seen whether short-term dips will be bought into or not.