Crude Oil Nears $100 as Geopolitical Risks and Technical Support Drive Rally

Key Facts

1Crude oil is approaching the $100 level supported by increased military risks in the Middle East.

2Buyers remain in technical control as long as the price stays above the 200-hour moving average.

Crude oil prices are approaching the $100 per barrel level driven by increased military risks in the Middle East. According to investinglive.com, stalled negotiations and military activity involving the US, Israel, and Houthi actions in Saudi Arabia are fueling supply concerns and supporting the upward trend.

Buyers remain in technical control of the market as long as prices stay above the 200-hour moving average. Technical data shows the price rebounded above the 100-hour moving average of $98.23, while the 200-hour moving average at $96.28 continues to provide a floor that sustains the current bullish momentum.