Oil markets are heating up 🔥
WTI crude has surged past $90/barrel (+37% weekly) while Brent trades around $92.69, marking new 2023 highs. The rally is fueled by geopolitical tensions and disruptions in the Strait of Hormuz, pushing energy sector valuations up 25–30%.
📈 Market signals
• WTI broke above 50, 100 & 200-day SMAs
• Resistance: $95 → $100 psychological level
• Support: $83–84 and $78–80
• RSI shows overbought conditions, but momentum remains bullish.
⚡ Key drivers
• Rising geopolitical tensions affecting Gulf oil flows
• Possible production shutdown warnings from Gulf exporters
• Hedge funds increasing exposure while physical traders reduce risk.
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