Oil Price Rises Toward $100 as Iran War Fears Drive Markets

Crude oil prices are edging closer to $100 per barrel as concerns over supply disruptions in West Asia linked to the US-Israeli war on Iran weigh heavily on markets.

The price of WTI (USOIL) slipped back toward a key trendline, trading near $92.19 per barrel, down 1.19% on the day after an earlier bounce faded. Brent crude futures rose, with November contracts gaining $1.71 or 1.6% to $106.99 per barrel.

According to The Cradle on X, traders are focused on possible supply disruptions in West Asia and how they may impact global oil supplies. This geopolitical uncertainty has driven the price of crude higher.

A technical analysis of the WTI chart reveals a symmetrical triangle pattern, with price currently sitting at the rising boundary. A decisive breakout is likely soon, with bullish targets above $95 and potential for prices to reach as high as $100.544 per barrel if resistance is cleared.