Middle East Tensions Send Oil Prices Soaring Above $100
Global oil prices are surging as tensions in the Middle East escalate. Brent crude has moved above $100 per barrel, increasing concerns that higher energy costs could fuel inflation and weaken economic growth.
The conflict between Iran and the US is driving up oil prices, with fears of a disruption to shipping through the Strait of Hormuz. The waterway is one of the world's most important oil-export routes, and any sustained disruption could put further upward pressure on crude prices.
WTI crude has also extended its recovery, reaching its strongest levels since early June. However, the rally is becoming increasingly stretched, making a reaction around key resistance levels particularly important.
The next major target for WTI is $100, but a break above this level would strengthen the bullish technical structure. On the other hand, a sustained break below $92 support could weaken the bullish setup and increase the risk of a deeper correction.