Oil prices rallied after an attack on tankers in Iraqi waters highlighted the threat to energy infrastructure and stoked concerns of an escalating conflict in the Middle East.
Prices managed to hit the target of 94.50.
As we see over the chart, the market is facing resistance around 94.85 which could give the chance for a correction, as support at 87.00-50 could keep the uptrend ongoing toward 101.50.
Below 87.00 more of a drop could hit the market toward 85.40 and 81.50.
| SUPPORT | RESISTANCE | |
| LEVEL1 | 90.75 | 94.85 |
| LEVEL2 | 87.00-50 | 98.75 |
| LEVEL3 | 85.40 | 101.50 |