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Crude oil futures surged to their highest levels since early June as geopolitical conflicts in the Middle East intensified, threatening key maritime transport routes and global energy supply security. Following military confrontations, including reported attacks on shipping near the Strait of Hormuz and strikes against Saudi infrastructure, Brent crude moved above $100 per barrel while WTI rallied strongly. WTI futures reached a high of $96.68, rebounding sharply from session lows of $93.76 as supply disruption fears drove buyers into the market. From a technical standpoint, WTI crude is approaching critical resistance targets. The price is testing resistance around the June 3 high of $97.00, with the 61.8% Fibonacci retracement of the April-to-June decline waiting at $98.41. Crucially, buyers have repeatedly defended support at the 100-hour moving average, currently situated at $92.67 alongside the 50% midpoint retracement at $92.47. This cluster creates a strong technical floor that reinforces the ongoing bullish momentum for energy traders. Market participants are closely evaluating whether oil can break and hold above the $97.00–$98.41 resistance zone to clear a path toward the $100 psychological threshold. However, if prices fall below key support at $92.47, a shift in technical bias could trigger long-liquidation and a deeper downside correction. Traders should monitor developments around Middle Eastern supply choke points alongside intraday technical moving averages.
