WTI crude oil $90 was reached for the first time in six weeks, as supply concerns in the Middle East pushed futures up to that level.
The source said this was the first time since 11 June that WTI futures touched the figure. It also said a firmer move above $90 could open the way toward $100. Meanwhile, the article pointed to rising tension in the region as a key driver of the latest gains.
WTI Crude Oil $90 in Focus
The report said the United States continues to launch strikes at Iran. It also said Iran has stepped up attacks across the region, not only at U.S. bases in the Gulf. As a result, the source described the regional security picture as broad and unstable.
The article added that the Strait of Hormuz remains in de facto closure. In addition, it said there is now potential for shipping disruption in the Red Sea. According to the source, the Houthis are teaming up with Iran to target Saudi vessels moving to and from Jeddah port.
Technical Levels Draw Market Attention
The source also highlighted several chart signals. It said buyers are testing a key trendline resistance drawn from the April and May price peaks. Furthermore, the article said WTI has started to move above its 100-day moving average, marked by the red line on the chart.
If that move holds, the source said momentum would turn more bullish and support this week’s rise. It also warned that a stronger break above $90 could strengthen the push higher. The article said the Middle East situation looks set to last longer, which is adding to market fears and lifting oil prices.
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Source: InvestingLive
