{"id":440727,"date":"2026-10-23T17:40:20","date_gmt":"2026-10-23T10:40:20","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/crude-oil-extends-gains-as-saudi-houthi-conflict-and-concerns-of-us-iran-attacks-keep-the-market-supported-440727\/"},"modified":"2026-10-23T17:40:20","modified_gmt":"2026-10-23T10:40:20","slug":"crude-oil-extends-gains-as-saudi-houthi-conflict-and-concerns-of-us-iran-attacks-keep-the-market-supported","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/crude-oil-extends-gains-as-saudi-houthi-conflict-and-concerns-of-us-iran-attacks-keep-the-market-supported-440727\/","title":{"rendered":"Crude oil extends gains as Saudi-Houthi conflict and concerns of US-Iran attacks keep the market supported"},"content":{"rendered":"
\n

The bullish momentum in crude oil has been slowly picking up after The New
\n York Times reported that the US and Israeli militaries had developed plans for
\n renewed strikes on Iran following the US midterm elections, with additional
\n forces expected to be fully deployed by early November. <\/p>\n

The Saudi-Houthi conflict, meanwhile, continues with the Houthis recently
\n targeting Saudi airports and energy infrastructure, including a reported strike
\n near Dammam that killed two people and injured eight. Saudi Aramco instructed
\n staff to evacuate its Dhahran headquarters and work remotely following the
\n latest security incidents. <\/p>\n

The attacks in the Strait of Hormuz have intensified recently after Iran
\n said in early October that it would close illegal routes used by the US to escort
\n vessels through the strait. The IRGC claimed yesterday that it attacked four
\n vessels and three others struck naval mines. This morning, Iran claimed that
\n the illicit vessel traffic in Hormuz stopped after the continued attacks.<\/p>\n

Looking ahead, crude oil remains supported amid the tensions in the Middle
\n East and the prospects of another US attack against Iran after the midterms.
\n Unless we get a de-escalation in the Saudi-Houthi conflict or a surprising
\n breakthrough in US-Iran negotiations, oil prices will likely continue to rise. \u00a0<\/p>\n

\u00a0<\/p>\n

CRUDE OIL
\n TECHNICAL ANALYSIS \u2013 DAILY TIMEFRAME<\/p>\n<\/p>\n

\n

On the daily chart, we can
\n see that crude oil<\/a>(CFD contract) is slowly
\n edging higher as prospects of another US attack on Iran is increasing the risk
\n premium. If we get a pullback into the 96.77 zone, we can expect the buyers to
\n step in, with a defined risk below the level, to keep targeting the 110.00
\n resistance. If the price gets there, we can expect the sellers to step in, with
\n a defined risk above the resistance, to position for a drop back into the lower
\n bound of the channel. \u00a0<\/p>\n

CRUDE OIL TECHNICAL
\n ANALYSIS \u2013 4 HOUR TIMEFRAME<\/p>\n<\/p>\n

On the 4 hour chart, we have
\n a minor upward trendline defining the bullish momentum. The buyers will likely
\n continue to lean on the trendline, with a defined risk below it, to keep
\n pushing into new highs. The sellers, on the other hand, will look for a break
\n lower to extend the drop into the lower bound of the channel.<\/p>\n

CRUDE OIL TECHNICAL
\n ANALYSIS \u2013 1 HOUR TIMEFRAME<\/p>\n<\/p>\n

On the 1 hour chart, there\u2019s
\n not much we can add here as the buyers will continue to have a better risk to
\n reward setup around the trendline, while the sellers will need a break below
\n the trendline and the 96.77 level to target a deeper pullback into the lower
\n bound of the channel. The red lines define the average daily range<\/a> for today. <\/p>\n

UPCOMING CATALYSTS<\/p>\n

Today<\/a>we
\n conclude the week with the US Flash PMIs, but the focus will remain on the
\n Middle East developments.<\/p>\n

This article was written by Giuseppe Dellamotta at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

The bullish momentum in crude oil has been slowly picking up after The New York Times reported that the US and Israeli militaries had developed plans for renewed strikes on Iran following…<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-440727","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/440727","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=440727"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/440727\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=440727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=440727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=440727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}