Oil Prices Surge as US-Iran Stalemate Keeps Markets on Edge

Crude oil remains strongly supported as the US-Iran stalemate continues and the Strait of Hormuz stays effectively shut. Markets are now losing optimism about a quick resolution, which has pushed oil prices sharply higher and increased pressure on risk assets, European markets, and oil-importing economies.

WTI crude has turned bullish after breaking above the key $97-$98 resistance zone, which may now act as support. Resistance is seen near $99 and the major $100 level. A strong break above $100 could open the door for a move back toward recent highs.

WTI Crude Daily Chart