Crude oil futures have extended to a new session high of $103.53, with the latest price up $3.59, or 3.57%, on the day. The move brings the price closer to the $103.92 high from earlier this week, with additional resistance targets coming into focus.
Geopolitical concerns are providing a supportive backdrop. According to the attached Fox News report, official and military sources said movements are underway in the Middle East to give President Trump options should he decide to resume strikes against Iran. The sources stressed that the preparations are intended to ensure the U.S. military is ready, but there is no indication that the president has made a decision.
Separately, the overnight the Wall Street Journal reporting that the U.S. has told several Gulf Arab countries to prepare for a short, intense military campaign after the midterm elections. Those reports keep the risk of renewed conflict—and potential disruption to oil supplies—in focus.
Technically, buyers remain in control as the price approaches $103.92. A break above that level would shift attention toward the $104.46–$105.21 swing area highlighted on the chart. That zone is the next key hurdle. A sustained move above it would open the door for a test of the September high at $106.75.
On the downside, the rising 100-hour moving average at $101.05 provides an initial barometer, followed by the 200-hour moving average at $99.53. Sellers would need to push below those moving averages to weaken the bullish structure and give buyers a reason to question the advance.
For now, the technical bias favors the buyers. The next test is whether they can clear $103.92 and carry the rally into the overhead swing area.
This article was written by Greg Michalowski at investinglive.com.