WTI Oil Prices Test Key Trend Line as US-Iran Tensions Escalate

Oil prices have surged for two consecutive days due to escalating tensions between the US and Iran.

The WTI oil price is testing a key bearish trend line at $86.50-$88.50, which has acted as resistance previously.

A break above this level would be technically significant and could signal a larger move higher for oil prices, with potential targets around $93.30 and even $100 in the medium term.

Despite the US-Venezuela deal offering some supply relief in the long term, traders are focused on immediate supply concerns and developments around the Strait of Hormuz.