Oil prices rise for a fourth session as US-Iran standoff fuels supply concerns, keeping war-risk premiums elevated.
West Texas Intermediate crude oil trades near a three-week high of $85.00 during Asian trading, extending gains for a fourth consecutive session. The rally is driven by escalating geopolitical risks, particularly the US-Iran standoff over the Strait of Hormuz, a critical oil transit route.
Technical indicators support the near-term bullish bias, with the Relative Strength Index at 56.90 and MACD at 0.47. However, resistance remains at the 100-day Simple Moving Average of $86.09 and the 50% Fibonacci retracement level of $87.06, capping further upside.
Markets remain cautious as Iranian officials threaten to close the Strait until the US meets conditions from a June agreement, sustaining supply disruption fears.