Geopolitical Tensions Drive Oil Prices Higher
TL;DR
Oil markets are testing weekly highs as natural gas faces pressure due to anticipated warm weather, while WTI oil attempts to settle above $75.00 following claims by Houthis of an attack on a U.S. military cargo ship, and Brent oil tests the $80.00 level amidst escalating tensions in the Middle East. If natural gas remains below $2.45, it may head towards support at $2.10 - $2.15, while WTI oil could move towards the $79.00 - $80.00 resistance if it settles above $75.00. Brent oil's RSI indicates potential for additional momentum if the right catalysts emerge.
Topics:businesscommodity-markets#brent-oil#commodity-markets#middle-east-tensions#natural-gas#us-military-cargo-ship#wti-oil
- Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Houthis Claim They Attacked U.S. Military Cargo Vessel FX Empire
- Oil rises 2% on supply disruptions in Russia, U.S. Reuters
- WTI Oil Soars Nearly 2.6% as Geopolitics Overtakes Fundamentals OilPrice.com
- Oil slips as economic concerns eclipse geopolitical tensions Yahoo Finance
- Oil extends losses as economic headwinds weigh on demand outlook CNBC
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