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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InOil prices continue their upward trajectory as persistent disruptions in the Strait of Hormuz push Brent crude to target the $119 level. WTI crude demonstrated significant strength, breaking the $105 level to reach $105.88, marking an increase of $11.48. The weekly price range for the crude was notably volatile, fluctuating between $94.59 and $110.93 amid heightened geopolitical risks. In contrast to the bullish sentiment in oil, Natural Gas is facing bearish resistance at the $2.83 level, preventing a price breakout. These dynamics follow the removal of approximately 850 million barrels from global markets due to the collapse of diplomatic efforts between the U.S. and Iran. Market participants remain focused on global energy security, largely overlooking potential production increases from OPEC+.