Commodities
Oil Price Jumps Above $100 Amid Ongoing Middle East Conflict
The price of crude oil has been strong this week, breaking above $100 at one point. The market recently formed an ascending triangle pattern on the charts, and it's broken out of that. Despite some profit-taking on Friday, the overall trend remains bullish.
The ongoing conflict in the Middle East is a major concern for oil supply worldwide, and this is reflected in the price action. As a result, short-term pullbacks are seen as buying opportunities by some market participants.