Oil price forecast: Are we headed for unprecedented highs?
Oil surges above $71 as tensions in the Middle East escalate, following Iran’s missile strike on Israel. US Oil prices have rebounded from last week’s lows of $67, reaching $71.35 in early trading on Wednesday. The attack has sparked fears of supply disruptions, pushing oil prices higher as markets brace for further escalations.
Geopolitical impact: With Iran being a major oil producer, the risk of production disruptions is high, potentially driving prices to new highs. This follows historical patterns where geopolitical tensions involving Iran have led to significant oil price surges.
Technical outlook: Analysts suggest US Oil is facing resistance near $72, with a potential challenge around the 100-day moving average at $73.52. A further rise could target $75, while on the downside, support lies at $70 and $68.
Read the full article here: https://www.finextra.com/blogposting/26941/oil-surges-as-iran-strikes-israel-are-we-headed-for-unprecedented-highs
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