WTI crude oil broke above local highs set in the second half of September today and is breaking above $72 per barrel, after Israel vowed to retaliate against the firing of some 200 ballistic missiles (including hypersonics) from Iran, raising the risk for oil supplies from the region.
The rise in oil prices reflects investors pricing in a renewed risk premium for the world’s most important commodity, given that the Middle East accounts for about a third of global supplies.
WTI crude oil is breaking above local highs set in September this year. A key aspect that could define whether oil can extend its gains is the holding of the aforementioned $72 zone, which forms a short-term control point for bulls and bears. Source: xStation
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