Oil Prices Hit Resistance Amid Escalating Mideast Tensions

Crude oil prices are facing significant resistance levels as tensions between Saudi Arabia and Houthi rebels escalate, along with ongoing U.S.-Iran conflict.

The Brent price is currently at a key resistance level of $108, which has acted as support between March and June 2026. This level also coincides with the 78.6% Fibonacci retracement of the March-July decline.

WTI prices are also at a critical juncture, with the $104.50 level serving as both resistance and support over the past few months.

The recent attacks on Saudi energy facilities have raised concerns about regional stability, but market sentiment is shifting towards a prolonged conflict rather than an imminent supply shock.

Traders are keeping a close eye on political developments in the Middle East, particularly ahead of the U.S. midterm elections, as they could influence the price of crude oil.