Oil prices surged dramatically today in response to Israeli strikes on Iran. However, since around 4:30 a.m., we’ve observed a gradual profit-taking, with the price pulling back to $73 from the earlier high of $79. The lack of an immediate response from Iran and reduced activity from the Israeli military are prompting the market to correct the initial gains. Additionally, OPEC reported that there have been no signals indicating any disruption to oil supply. Donald Trump has once again urged Iran to sign a nuclear deal and avoid the risk of a broader conflict.
OIL (15-minute interval)
Oil is trading within a rising triangle pattern, and if the price manages to break above $74, we could potentially see another upward impulse toward $80. On the other hand, increased selling volumes are being observed. If Tehran refrains from a military response in the near term, the market may aim to erase the entire upward move.
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