Brent Crude Surges Above $95 as U.S.-Iran Tensions Boost Oil Prices

Brent crude futures rose to $95.27 today, up 7.8% from yesterday's close of $88.37. The contract finished at $89.12 earlier in the day. Meanwhile, West Texas Intermediate (WTI) crude for December settled at $90.77.

U.S.-Iran Tensions Fuel Oil Demand Concerns

■Escalating tensions between the U.S. and Iran have increased supply-side worries in the market.

■Iran's armed forces launched attacks on U.S. bases, with Iran's Revolutionary Guard threatening retaliatory strikes.

■U.S. President Donald Trump warned of 'greater' attacks if Iran retaliates.

Technical Analysis of Oil Prices

■Brent crude is trading near the $95.95 resistance level.

■$90.77 is identified as a key support zone.

■Concerns over potential disruptions in energy transit through the Strait of Hormuz are supporting oil prices.

While short-term oil prices may continue rising due to U.S.-Iran tensions, long-term supply-demand imbalances remain a concern. Technical indicators like Fibonacci levels and Ichimoku Clouds suggest a potential move towards $100. Algo-trading strategies should consider positioning or hedging at these levels.