Forex▲ Bullish
Oil Holds 84 Support as Middle East Tensions Push Prices Higher
Crude holds above 84 support as Mideast conflict escalates. Resistance at 92.50-93.00 zone caps rallies. Wednesday's inventory report is the next catalyst.
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Crude oil held above the 84.00-84.50 support zone Tuesday and extended gains as escalating conflict in the Middle East kept supply risks in focus.
Front-month futures traded near 89.50, up roughly 5% from last week's low. The move followed a series of airstrikes over the weekend that disrupted shipping routes in the Red Sea, traders said.
On the charts, resistance sits in the 92.50-93.00 band, a zone that has capped rallies twice this quarter. A break above that area would open a run at the June high of 95.15, where the next major supply cluster sits. Below, the 84.00-84.50 support held on a brief dip Friday, with buyers stepping in near the 50-day moving average.