WTI Crude Oil Surges on Geopolitical Risk
The price of WTI crude oil has surged by over 5.5% in the last three trading sessions, driven by increased geopolitical risk in the Middle East.
Tensions between the US and Iran have escalated with new attacks on Iranian tankers, leading to concerns about potential disruptions to oil flows in the region.
The OVX Index, which measures expected volatility over the next 30 days, has advanced toward the 50-point area, indicating increasing uncertainty around oil price movements.
Trading volume in the futures market has reached a new high not seen in several months, with over 1.3 million contracts traded on September 8.
The technical outlook suggests that the dominant market bias remains bullish, with a potential trendline forming on the daily chart.