WTI crude oil prices climbed 2.5% to $100.50 on the NYMEX, nearing a five-month high as supply disruption fears grip the energy market following recent tanker attacks.
WTI crude oil prices have surged 2.5% to reach $100.50, marking a one-month high as market participants react to heightened geopolitical tensions involving Iran and potential supply disruptions. The commodity is currently testing resistance levels, trading just below its five-month peak of $102.11, indicating strong bullish momentum driven by supply-side anxiety.
WTI is trading 2.5% higher at $100.50, reaching its highest level in over a month.
The next major resistance level is the five-month high of $102.11.
West Texas Intermediate futures surged 2.5% to reach $100.50, marking the highest price level in over a month. The rally follows heightened geopolitical tensions surrounding oil tanker attacks, which have intensified fears regarding global supply chain stability.
The rally is primarily driven by fears of supply disruptions following reports of attacks on oil tankers, which has pushed prices to their highest level in over a month.