Oil Prices Soar Amid Escalating Middle East Tensions

Crude oil prices surged in response to escalating tensions between the US and Iran. The Strait of Hormuz, a critical waterway for oil exports, remains closed following Iranian missile attacks on a US base. As a result, WTI crude prices climbed above their 200-day EMA to $84.44.

Brent oil also recovered, reaching $89.78 and testing its 50-day EMA. Market volatility is expected to increase in the near term due to ongoing conflict and an upcoming Federal Reserve interest rate decision.