Oil Prices Test $98 Resistance Following Tanker Attacks in the Gulf

Key Facts

1WTI crude prices held at $97.27, eyeing a resistance level of $98.31 following tanker attacks in the Gulf.

2Natural gas prices slipped below the $3.09 level amid mixed market drivers.

WTI crude prices held at $97.27 per barrel as markets eyed a resistance level of $98.31 following reports of tanker attacks in the Gulf. FX Empire reported that the geopolitical instability has provided a risk premium to crude, while natural gas prices slipped below the $3.09 level amid mixed market drivers.

The price action follows a complex supply-side narrative as the Trump administration issued a Russia-related waiver, counter-balancing the upward pressure from Middle East tensions. According to FX Empire, while the prevailing trend for WTI remains upward as long as it trades above key moving averages, momentum has cooled following the recent pullback from highs.