Crude took support near the 365-H EMA and showed a minor pullback upon escalation of US-Iran tension. It is presently trading around $63.30 after reaching a high of $64.21 yesterday.
Driven by extreme economic distress and the dramatic collapse of the rial, growing national demonstrations in Iran have turned deadly, with at least seven people reported killed in clashes with security forces, prompting US President Donald Trump to warn of direct intervention if authorities crack down further on protesters. Building on increased tensions from US airstrikes on Iranian nuclear facilities in June 2025, Iranian authorities claim the US and Israel orchestrated the disturbance and have said all American bases in the region are legitimate targets, promising severe reaction. Though markets price in a substantial geopolitical risk premium over possible interruptions to Iran's 2–3 million barrels per day of crude production, the chaos has caused a sharp rise in global oil prices—Brent near $64 per barrel and WTI exceeding $59—giving the largest two-day rise since October. However, broad worldwide supply surpluses exist.
Price Resistance and Support Levels
The near-term resistance is around $64.50; any close above this level could push prices higher to $65/$66.40$68/$70.51.On the downside, immediate support is at $61 violation below targets $60/$58.50/$57.97/$55.
It is good to buy on dips around $61.80-85 with a stop-loss around $60 and a target price of $66.40.
