Get ready for crude oil’s fourth straight rally!
Updated
In European trading on Thursday (October 3), crude oil prices rose for the third day in a row, and international oil prices recorded their biggest one-day increase in nearly a year. On Thursday, WTI crude closed up 3.8% at $73.71 a barrel.
Iran says it will respond "unconventionally" to an Israeli attack, amid Israel's ongoing conflict with Iran and amid concerns over supplies due to the conflict in the Middle East. U.S. crude inventories rose 3.9 million barrels.
U.S. President Joe Biden appeared to confirm that the United States was advising Israel to target Iranian oil facilities, sending oil prices soaring. Traders see room for further gains. It is speculated that the next resistance level for oil prices may be around $74.50 / barrel. If the breakthrough is successful, crude oil prices will have room to rise.
Iran says it will respond "unconventionally" to an Israeli attack, amid Israel's ongoing conflict with Iran and amid concerns over supplies due to the conflict in the Middle East. U.S. crude inventories rose 3.9 million barrels.
U.S. President Joe Biden appeared to confirm that the United States was advising Israel to target Iranian oil facilities, sending oil prices soaring. Traders see room for further gains. It is speculated that the next resistance level for oil prices may be around $74.50 / barrel. If the breakthrough is successful, crude oil prices will have room to rise.
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US President Joe Biden: "I will consider the alternative of attacking oil fields."
Today, crude oil rose to 1. 03%, and now the price is 74.39.
This proved that my prediction of resistance was very accurate. Next let's see when this resistance breaks out and rises further!
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International crude prices could surge as much as $20 a barrel if Iranian oil supply falls amid a potential escalation of conflict in the Middle East, according to Goldman Sachs.
Iran currently produces about 3.5 million barrels of oil a day, of which an estimated 1 million barrels are exported, mostly to China. China hasn't stopped buying Iranian oil after the U.S. reimposed sanctions on the country's oil sector.
A more severe disruption in supplies from the Middle East could send prices into triple digits. But analysts now see little chance of an attack on oil infrastructure in other oil-producing countries in the region or a closure of the Strait of Hormuz.
European trading began early on Friday, as markets anticipated Israel's response to an Iranian missile attack on Israel earlier this week. Oil prices were on track for strong gains this week amid the escalating conflict.
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