Commodities
Crude Oil Prices Soar as US-Iran Tensions Fuel Supply Disruption Fears
The price of WTI and Brent crude oil has broken out of ascending triangles on the charts as tensions between the US and Iran raise concerns about supply disruptions.
According to technical analysis, the breakouts are seen as bullish signals, with the 50 EMA (85.29) and 200 EMA (80.53) for WTI indicating a potential continuation of the upward trend.
The light sweet crude oil market has been affected by the ongoing hostilities between the US and Iran, with prices rising whenever there is an escalation in tensions.
Brent crude oil futures have also broken out above key psychological resistance at $102.46, with the 50 EMA (90.52) and 200 EMA (85.40) firmly below its current price.