WTI prices return above $60.00 as the conflict in Iran escalates 

💡 DMK Insight

WTI Oil’s recent surge to $60.50 is significant for traders navigating volatility. The four-day rally indicates strong buying interest, likely fueled by supply concerns and geopolitical tensions. Traders should watch for a potential retracement around the $60.00 mark, which could serve as a support level. If prices hold above this threshold, it may signal further bullish momentum, possibly targeting the $62.00 resistance level. Conversely, a drop below $60.00 could trigger stop-losses and lead to a deeper pullback, affecting related markets like energy stocks and ETFs. Keep an eye on inventory reports and OPEC announcements, as these could influence market sentiment and price action in the coming days.