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Supply concerns fuel oil price hikes

Technical Analysis
By Ahmed Ashraf
Supply concerns fuel oil price hikes
0 0

USOIL

النفط الخام 24-3-2026

Oil trades above support at $86 and is likely to move in a sideways range between the mentioned support and resistance at $100 during today’s trading.

Support

 86 75
Resistance 100

115

Crude oil prices posted a notable increase during today’s trading, supported by rising concerns over supply stability amid ongoing geopolitical tensions in the Middle East, alongside improving risk appetite in global markets. This upward move comes as markets closely monitor developments surrounding Iran and any signals related to oil flows through the Strait of Hormuz, increasing price sensitivity to new developments.

On the other hand, oil movements remain influenced by mixed factors, where geopolitical support is offset by pressure from dollar fluctuations and global demand expectations, keeping prices within a cautious range with a bullish bias as long as supply-side risks persist.

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Ahmed Ashraf

Technical Analyst & Economic Researcher at LDN Global Markets

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