Crude Oil Price Forecast 

Oil at the Fundamental Level 

Oil prices maintained their gains during trading on Friday, with Brent crude trading around $100 per barrel and West Texas Intermediate (WTI) rising to $94.00, despite US efforts to bolster global supplies by temporarily allowing countries to purchase Russian oil already at sea.

Swift action is unlikely to alleviate the pressure, and the blockade of the Strait of Hormuz remains the primary concern for the oil market.

US Treasury Secretary Scott Bisnett called for an international coalition to escort oil tankers through the strait, as Iran has closed the strait and threatened to target ships passing through it.

Oil at the Technical Level 

Oil prices (WTI) are currently trading within an ascending price channel on the hourly timeframe, having reached almost the lower boundary of this channel. Oil is now attempting to rise to around $97.00 as an initial target, followed by $102.00 per barrel at the upper boundary of the ascending price channel.

However, if the channel breaks downwards and closes below it for at least a 4-hour candle, it is possible to retreat towards the 88 to 87 levels, and from there the next purchase will be.