Oil hits multi‑week highs on Iran unrest and supply fears – OCBC

💡 DMK Insight

Oil’s recent surge towards the mid-$60s isn’t just a price move; it’s a signal of rising geopolitical tensions. With unrest in Iran and potential U.S. tariffs looming, traders need to be wary of supply disruptions that could further inflate prices. This situation could lead to volatility in related markets, particularly in energy stocks and currencies tied to oil exports. If Brent breaks through key resistance levels, it could trigger a wave of speculative buying, while a failure to hold these gains might prompt profit-taking. Keep an eye on the daily charts for signs of momentum shifts, especially around the $65 mark, which could act as a psychological barrier. Also, monitor how U.S. crude inventories respond in the coming weeks, as any unexpected drawdowns could exacerbate the bullish sentiment.