Crude Oil Prices Surge Following Unforeseen Weekend Attack by Hamas on Israel

“Crude Oil (WTI) Rebounds Above $82 Following Recent Decline


The US Dollar Strengthens Amidst Safe-Haven Demand, Alongside the Japanese Yen

Anticipate Potential Oil Price Increases as Tensions Escalate with US Military Deployment to the Region

Oil Market Volatility Erupts in Wake of Surprise Hamas Attacks on Israel, Amidst Speculations of Iranian Involvement

While the US Dollar Gains Ground, Driven by Geopolitical Concerns in the Middle East, Unrelated to Interest Rates

At the time of this report, Crude Oil (WTI) is trading at $84.02 per barrel, while Brent Oil stands at $86.13 per barrel.

Oil Market Developments and Key Insights

Oil prices, along with Gold and Copper, Surge on Concerns of Escalating Tensions in the Middle East, Home to One-Third of Global Oil Supply

Attributions of Responsibility for the Attacks on Israel Extend to Iran, Yet Western Officials Remain Uncommitted

Chinese Oil Refiners Maintain Confidence in Uninterrupted Iranian Oil Supplies, Easing Concerns of Chinese Involvement in Regional Conflict

With US Treasury Bond Markets Closed for a National Holiday, Precious Metals, Crude Oil, and Safe-Haven Currencies Like the US Dollar, Japanese Yen, and Chinese Renminbi Witness Strong Upswings

Oil Technical Analysis: Navigating Market Volatility

Last week, Oil Prices Witnessed Sharp Declines Amid Diminishing Demand, But Supply Disruption Concerns Prevail Amid Current Turmoil

Expectations Suggest US Will Exercise Restraint to Avoid Disrupting Regional Supply, Resulting in Headline-Driven Price Fluctuations

Upside Target Remains at $93.12, Representing a Double Top from October and November of the Previous Year

Downside Support at $78 Appears Strong, While a Further Decline Could Trigger Substantial Selling Pressure, Pushing Prices Below $70.”