Reports of explosions in Dubai triggered a brief oil rally, pushing prices to a key moving average before paring gains.
Oil prices surged to $70.57 following reports of explosions in Dubai, aligning with the 200-bar moving average on the 4-hour chart. The spike was short-lived, with prices retreating to $69.94, down nearly $2 on the day.
The 100-bar moving average on the same chart stands at $69.88, acting as near-term support. Volatility in oil coincided with broader market pressure, dragging the Nasdaq down 360 points in pre-market trading.
US equities faced heightened volatility at the open, mirroring recent sessions where early moves set the tone for the day.