Oil Prices Rebound Amid Ongoing Middle East Tensions

Oil prices have rebounded as escalating Middle East tensions threaten regional supplies. Despite a slight correction on Thursday, WTI and Brent oil remain supported due to ongoing supply risks.

The Strait of Hormuz is still largely closed, with attacks extended to Iraq, Jordan, and the Red Sea. This has raised concerns about potential further disruptions to oil supplies from Saudi facilities and tanker traffic.

WTI crude oil prices have maintained a positive short-term structure above $77.50 support, while Brent crude oil could move towards $100 if it breaks above the $93 resistance level.

Brent oil fell to $91.60 per barrel on Thursday, and WTI oil dropped to $83.70. This decline followed a previous session marked by big gains as some tankers were able to pass through the Strait despite rising violence.