Oil prices jump above key technical levels as tensions drive buying, marking the largest single-day gain since mid-July.
West Texas Intermediate crude futures closed at $92.19, rising $5.36 or 6.17% as geopolitical tensions fueled a sharp rally. The gain follows a 9.08% surge on July 13, pushing prices above the 100-day moving average at $89.71 for the first time since June 12.
The rally briefly breached the 50% retracement level of $93.26, with a session high of $93.50 before settling lower. Support now rests at $89.71, while a sustained move above $93.26 could target $97 and potentially $100. Prices had dipped to $67.04 earlier this month before reversing sharply.
U.S. gasoline prices have climbed to $4.09 per gallon, reflecting the broader impact of rising crude costs. The technical shift and geopolitical risks continue to drive market sentiment.