Oil gains 3% approaching 70 USD level amid US-Iran tensions 📈

Brent crude oil prices (OIL) are rising today toward $70 per barrel, as markets price in a growing risk of a potential U.S. military intervention in Iran. The United States has reportedly concentrated significant forces in the Middle East, around 7% of the entire U.S. Navy, including the USS Abraham Lincoln aircraft carrier strike group.

Donald Trump warned yesterday that the U.S. Navy would strike Iran more forcefully than during the previous attack unless Tehran signs a nuclear agreement that would effectively halt Iran’s domestic nuclear program.
Iran has reportedly categorically rejected the U.S. terms and, although the Kremlin said today that negotiations are still possible, markets appear to be pricing in a rising probability of a strike.
Such a scenario could destabilize the entire region and lead to major disruptions in oil production, potentially pushing prices up toward $80 per barrel - the local peak from June 2025.

OIL chart (D1)

From a technical perspective, the contract has reached the round $70 per barrel level, which also acts as a key resistance zone. As long as prices remain below $71 per barrel, the broader downtrend may stay intact. If a breakout occurs, the first major reaction levels could emerge around $80 per barrel, and potentially higher - near $90, where prices last traded in April 2024.

Source: xStation5

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