Crude oil prices test the 50-day moving average as renewed war premium returns. See whether geopolitical risks can trigger the next breakout.
Oil prices rose on Monday following days of tit-for-tat strikes by the United States and Iran in the Middle East that underscored the fragility of their interim peace deal and again slowed energy shipping in the Strait of Hormuz.
U.S. crude oil dropped below $70 following the attack on the cargo ship, as more tankers reportedly navigated through the strait successfully. U.S. crude oil prices are now down over 26% in the last month, continuing to fall after the start of the U.S.-Iran war in February spiked costs.
US crude oil dipped below $70 a barrel Friday as traders remained optimistic about tanker traffic flow through the Strait of Hormuz – even after an Iranian attack on a cargo ship paused a large-scale evacuation.
U.S. natural gas futures extended gains amid a wave of above-normal temperatures moving across the U.S. the next two weeks.
Iran warned on Thursday that vessels not following approved routes would be be dealt with ‘accordingly,' and a U.N. organization paused ship-evacuation efforts at the strait.
One month-plus into the truce, supply-demand dynamics dominate as US production stays robust. WTI slides to $70.45 after triangle violation, Brent defends $74.12 support, and Natural Gas trades at $3.286.
Oil prices fell on Friday morning and are heading for steep weekly losses amid easing supply concerns as more stranded oil tankers exited the Strait of Hormuz, even though a cargo vessel was hit near Oman on Thursday.
Oil futures fell on a likely technical correction following solid gains in futures overnight.
Iraq's hint that it could exit OPEC is yet another source of potential tumult for the global oil market in 2026.
While a surge of tankers have exited the Strait of Hormuz, the market is expected to tighten again soon.
Crude oil extends its corrective decline after breaking the 200-day moving average, with price approaching key Fibonacci support while oversold momentum conditions hint at potential stabilization.