Oil Nears $100 as U.S.–Iran Tensions Revive Supply Disruption Fears
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Oil Nears $100 as U.S.–Iran Tensions Revive Supply Disruption Fears

Published: 24 July 2026,08:15

Published: 24 July 2026,08:15

Daily Market Analysis New

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Key Takeaways:

*Crude oil extends gains as U.S.–Iran tensions intensify

*Prices attempt to retest the psychological $100 level

*Red Sea and Strait of Hormuz risks keep energy markets on edge

Market Summary:

Crude oil prices continued to extend gains, with prices attempting to retest the psychological level of $100 as tensions between the United States and Iran intensified following the effective collapse of last month’s truce.

U.S. President Donald Trump continued to threaten further strikes on Iran and warned that Washington would hold Tehran responsible for any additional attacks by Yemen-based Houthi rebels on ships in the Red Sea. The warning has raised concerns that regional tensions could continue spreading across key energy shipping routes.

Meanwhile, U.S. forces reportedly struck Iranian targets for a 12th consecutive day, while Trump also warned that Iranian infrastructure could be targeted if Tehran attacks ships in the Strait of Hormuz. This has kept investors highly sensitive to any signs of further disruption across one of the world’s most important oil transit corridors.

With military action continuing and energy routes remaining vulnerable, traders are pricing in a stronger geopolitical risk premium. The risk of further disruption in the Red Sea or Strait of Hormuz has kept crude oil biased to the upside, especially as supply security remains uncertain.

Overall, oil markets remain firmly driven by geopolitical headlines. As long as U.S.–Iran tensions persist and shipping risks remain elevated, crude prices may continue to find support, with the $100 psychological level acting as the next key focus for traders.

Technical Analysis 

Crude Oil, H4: 

Crude oil prices are trading higher after breaking above the previous 87.60 resistance level, reinforcing a short-term bullish structure.

Momentum remains supportive, with the MACD showing increasing bullish momentum and the RSI at 71 holding above the midline and entering overbought territory. This suggests buyers remain in control, although short-term exhaustion risk is increasing.

If bullish momentum persists, crude oil could extend gains toward the next resistance level at 95.80, followed by 108.25 if upside momentum strengthens.

However, if buying pressure begins to fade, the commodity may retrace and retest 87.60 as key support.

Resistance Levels: 95.80, 108.25

Support Levels: 87.60, 78.05

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