Crude oil is poised to gain momentum

Political tensions roiled global financial markets as the focus shifted to the Middle East. Oil prices have fluctuated sharply amid escalating risks, with worries that a war between Israel and Palestine could lead to supply disruptions easing, but market sentiment has been relatively cautious and investors have still refrained from aggressive selling as they watch further developments ahead.

CBA energy analyst Vivek Dhar said that the disclosure of evidence of Iran's involvement will push up oil prices, and the conflict between Israel and Palestine increases the risk of crude oil prices rising to $100/barrel and above.

Crude oil prices are bullish. The first target is 89, the second target is 93.

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The short-term (1H) trend of crude oil experienced three trading shocks and turned downward to fill the gap. The price of oil dropped to test the previous low of 81.50. This position has a certain supporting effect on oil prices in the short term. It is expected that after the drop of crude oil fluctuates and tests, there is a high probability of stopping the decline and rebounding slightly.

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If Iran enters war, oil prices could surge higher