Crude futures and settle at $68.15. Up $3.17 or 4.88%

Crude oil futures are settling up $3.17 or 4.88%. The high price reached $68.33. The low price was at $64.63. Prices moved sharply higher late today after reports that naval support activity in Bahrain have been placed on high alert with dependents of servicemembers being told to prepare for evacuation. The reports are possibly due to concerns of military action related to Iran.

Technically, the price today extended above its 100-day moving average at $66.08 and also about the 50% midpoint of the 2025 trading range at $67.94. The price fell just short of its 200-day moving average at $68.48. Getting above that moving average would be the first breach since February 4 (the price quickly reverse intraday).

This article was written by Greg Michalowski at www.forexlive.com.