WTI Crude Surges Above $90 as US-Iran Tensions Escalate

Crude oil prices surged on Wednesday as renewed U.S.-Iran military strikes intensified fears of further supply disruptions through the Strait of Hormuz. Brent crude futures rose by 0.8% to $95.40 a barrel, while U.S. WTI futures gained 0.5% to $90.66.

The latest moves are part of a larger rally that saw both benchmarks surge more than $4 on Tuesday, their largest daily gains since July. The increase in geopolitical risk is now driving oil prices higher, outweighing concerns about additional OPEC+ barrels.

Technically, the WTI crude price has broken above a months-long descending resistance line, adding confirmation to the current rally. This breakout zone provides support for the case that the ceiling is turning into support, with potential targets around $92-$96.