Crude Oil Prices Soar Above $95 as Supply Concerns Drive Higher

WTI crude oil prices have surged above $95 as an ascending triangle breakout and supply concerns put the key $100 level firmly in focus. This recent move has been strong, with a rally during the early part of trading on Wednesday.

The $100 level is now within reach, and it's possible that momentum to the upside could continue. The measured move from the ascending triangle suggests a potential target of $130, although this may be an overestimation.

The Brent market also shows a similar breakout above the $100 level, with a price target potentially reaching $110. However, technical traders have been warning about the dangers of such high prices, citing supply constraints and hostilities in the Middle East as major factors driving oil prices upward.