Oil prices jump over 5% as Houthi attacks and Iran-US tensions heighten risks to key shipping routes.
West Texas Intermediate crude climbed to $90.35 per barrel, its highest level since June 11, after rising Middle East tensions stoked supply concerns. The rally follows reports of Houthi attacks on Saudi oil tankers near the Bab el-Mandeb Strait, adding to geopolitical risks.
WTI has gained nearly 30% this month amid renewed US-Iran tensions, with Iran asserting control over the Strait of Hormuz and warning vessels against passing without coordination. Technical indicators show strong upside momentum, though the RSI at 71 signals overbought conditions.
Key resistance levels are seen at $95.00 and $105, while support lies near $88.20, the 100-day SMA.