WTI crude futures settled at $94.14, up 0.43%, as Middle East tensions kept supply risks in focus. Buyers defended technical support early in the session, but the settlement fell back below the prior day's high.
Crude oil futures settled at $94.14, up $0.40 or 0.43%, as elevated Middle East tensions kept supply risks in focus.
Iran and Yemen headlines keep supply risks in view
Reports said Israeli Prime Minister Benjamin Netanyahu spoke with President Trump last week about renewing military action against Iran. Netanyahu reportedly wanted to act before the elections, while Trump told him to prepare but made no firm commitment to support an attack.
Meanwhile, Iran's IRGC navy commander reportedly threatened to sink American ships approaching the entrance to the Strait of Hormuz.
Tensions also remained high in Yemen. The Saudi-led coalition said it struck an oil facility in Sanaa used by the Houthis to support attacks. France said it was helping protect navigation in the Red Sea and Bab al-Mandab. Together, those headlines kept the risk of disruptions to energy supplies and key shipping routes firmly on traders' radar.
Buyers defend support but stay below the high
Technically, buyers defended support early in the session. The low at $91.70 held just above the 38.2% Fibonacci retracement at $91.60. The rising 100-hour moving average, currently at $91.54, and the rising 200-hour moving average at $90.94 offered additional support below.
The rebound then pushed the price above yesterday's high at $94.36 to a session high of $94.70. However, the settlement at $94.14 put the price back below yesterday's high, leaving buyers with more work to do.
Moving back above $94.36 and then $94.70 would strengthen the bullish bias. On the downside, sellers would need to break the retracement and both hourly moving averages to take greater control.
Source: Investinglive
Trading involves risk.
Risk Disclaimer
