Crude oil futures have closed above $80 per barrel for the first time since July 18, with prices settling at $80.06, marking a significant increase of $3.22, or 4.19%.
The rise in oil prices is largely attributed to geopolitical risks, particularly escalating tensions between Iran and Israel. Iran’s threats of retaliation against Israel have contributed to the upward pressure on crude oil prices.
On the technical front, the price has breached its 200-day moving average, signaling a potential shift in market momentum. During today’s trading session, the price approached the 100-day moving average near $80.16 but subsequently retreated slightly. To bolster the bullish outlook, it will be crucial for the price to remain above the 100-day moving average.
The sustained price above these key technical levels indicates a strengthening bullish sentiment in the market, driven by ongoing geopolitical uncertainties.
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