From TradingView · · 40s
Crude oil prices dip as Middle East tensions rise
Oil prices fall after Middle East attacks but technicals show bullish momentum.
In brief
Oil prices fall after Middle East attacks but technicals show bullish momentum. Crude oil prices retreated from monthly highs due to Middle East tensions but technical indicators suggest continued upward movement. Originally reported by TradingView.
Oil prices retreat
Oil prices retreated from monthly highs as traders balanced escalating Middle East tensions against recovering supply flows.
Geopolitical risks
Attacks near Saudi Arabia’s export infrastructure and reports of tankers being hit in the Persian Gulf kept geopolitical risks elevated.
Technical indicators
Crude oil is showing strong bullish momentum, trading around $98 after breaking above the 23.6% Fibonacci level at $95.
The headline
Crude oil prices retreated from monthly highs due to Middle East tensions but technical indicators suggest continued upward movement.
