Oil prices will rise to 100
Updated
The conflict may escalate further, and Iran warned Israel not to expand the situation, otherwise it will join the war. Once Iran joins the war, oil prices will skyrocket.
Last week, due to the conflict, oil prices rose to close at 87.72. On Monday today, the opening momentum of oil prices has slowed down. On the one hand, it is due to some profit-taking. On the other hand, because the conflict and risk aversion fluctuations have been completed, the market is waiting for further factors to promote;
Technically, the daily chart of oil prices rebounded sharply and closed positive last Friday, and today it is also running above the mid-track. The bearish signs continue to shrink and the bullish trend is getting stronger. The weekly chart has also returned to above the short-term moving average support.
The current support levels for crude oil are 87.20 and 86.05. Resistance levels are 88.70 and 90.00.
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