WTI rallies as Qatar’s Kaabi expects oil price to surge to $150/barrel amid Iran conflicts

💡 DMK Insight

WTI’s jump to nearly $82.80 is a big deal for traders right now. This surge marks the highest level since July 2024, indicating strong bullish momentum. Factors like OPEC+ production cuts and rising global demand are likely fueling this rally. Traders should keep an eye on the $83 resistance level—if it breaks, we could see a further push upwards. Conversely, if it fails, a pullback to the $80 mark might be in play. With the current geopolitical tensions and supply chain issues, volatility is expected, so managing risk is crucial. The flip side? Some analysts might argue that this rally is overextended, especially if economic indicators start showing signs of weakness. Watch for any shifts in U.S. inventory data or changes in OPEC+ policies that could impact supply. Keeping tabs on these developments will be key for positioning in the coming weeks.