Crude Oil Price Analysis

Oil at Fundamental Levels

Crude oil prices rose above $100 per barrel, with Brent crude reaching $110.

Oil prices rose on Tuesday as investors assessed the stalemate in the Iran conflict, while a U.S. official stated that President Donald Trump is dissatisfied with Iran’s proposal to end the conflict because it does not address Iran’s nuclear program.

This keeps the two-month-long conflict at an impasse, with most energy and other supplies through the vital Strait of Hormuz remaining shut down, pushing oil prices above $110 per barrel on Tuesday.

Oil from a Technical Perspective

From a technical perspective, West Texas Intermediate (WTI) crude prices are trading within an ascending price channel on the four-hour chart, targeting $105 and then $108 per barrel as long as prices remain above $100.

However, if prices break below and close below the lower boundary of the upward price channel, the most likely scenario would be a decline toward $96 per barrel.