Oil prices surge with a price gap, and pressures are spreading globally.

USOIL

Oil is trading in a medium term uptrend, opening room for further gains and the formation of new highs, while a break below the 69.75$ support level could lead to a retest of the 67.50$ area during today’s trading.

Crude oil extended its gains during today’s session, supported by escalating geopolitical tensions in the Middle East and renewed concerns over supply stability, prompting traders to reprice the market’s risk premium. The upward move coincided with higher trading volumes and a clear shift in speculative sentiment toward buying, particularly as prices held at elevated levels with no signs of political de escalation. However, the continuation of the rally remains contingent on the absence of developments that ease tensions or signal a sudden increase in supply, while any political breakthrough could trigger a partial correction following the recent surge.

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