Oil Prices Surge Amid Middle East Tensions, Testing Key Resistance
Amidst the escalating conflict between Israel and Iran, oil prices have gone up - the question is, what's next?
The recent rally has brought WTI crude oil to the $72–$74 range, a zone that aligns with a descending trendline dating back over two years.
“Chart is pretty clean and there’s no breakout yet,” Daan noted, urging traders and investors to monitor the setup closely.
Macro Concerns: Inflation and Tariffs
Daan warned that rising oil prices present a potential threat to global inflation, especially if they are compounded by tariff-related economic pressures. “Oil going up is not good for inflation, and if we’d see effects from tariffs also hitting in combination with oil, that can turn into a bad combination,” he wrote.
While no technical breakout has occurred yet, the proximity to long-standing resistance highlights the importance of the coming days for broader macroeconomic trends and market sentiment. Should oil prices breach this level decisively, it could add pressure on inflation forecasts and monetary policy outlooks.
Kosta Gushterov
Reporter at Coindoo
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
