Supply Risks Keep Oil Prices Supported Amid Geopolitical Uncertainty

Oil prices remain supported by supply risks and geopolitical uncertainty, with WTI trading near $105 and Brent testing $110 resistance.

The market is experiencing a bit of volatility just below the $105 level, but traders are viewing any dips as opportunities to buy. Supply disruption remains a major concern, which could lead to higher prices in a feedback loop.

Brent's price chart shows it near recent highs at $106.71, with the $110 level acting as a barrier and the $100 level providing a floor. The market is considered stretched and may see some consolidation soon.