This crude price chart shows clear signs of optimism in the near term. Look at the recent breakout from a stubborn resistance mark. It seems the bulls have enough strength to display more upward moves in the coming days.
So, let’s jump to the point and try to find out what’s driving the crude bulls right now, one by one.
Let’s get started:
The US-Iran Conflicts
Escalating tensions in the Middle East remain the top driver for the recent crude price optimism.
The crude value has flared-up to a significant extent over US-Iran tensions. Both counterparties have been at loggerheads for quite a long time. Now, with the recent killing of the Iranian military commander Qassem Soleimani, the fire between the duo got further intensified.
Soleimani was Iran’s second-most powerful figure and has helped Iran fight proxy wars against the rivals. On Jan. 3, Soleimani was killed in a US airstrike attack at Baghdad airport.
Soon after his death, Iran retaliated. And, as per Tehran-based Tasnim News agency, Iran has right now started the “second round” of attacks on US bases in Iraq.
Amid such disturbing environment in the Middle East, crude prices have gone up.
West Asian conflicts continue to exert great influence on crude oil prices. Rightly or wrongly.
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