Crude prices jump above a key technical level as US-Iran negotiations fail, tightening supply risks in the Strait of Hormuz.
Crude oil futures settled at $102.18, rising $4.11 or 4.19% as the breakdown in US-Iran peace talks disrupted near-term supply expectations. The rally pushed prices above the 200-hour moving average of $100.21 for the first time since May 5, signaling stronger buyer control.
The breakout above the 200-hour moving average held firm, reinforcing bullish momentum and shifting focus to higher resistance levels. The next target is $102.86, the 61.8% retracement of April’s decline, aligning with a prior swing area from the same month.
Post-settlement, buying pressure extended gains to a session high of $102.72. The Strait of Hormuz, handling 20% of global oil supply, remains blocked to tanker traffic since late February, amplifying supply concerns.