The technical chart is definitely looking ominous now as a firm break above $90 could easily light up the path towards $100 next. With the US continuing to launch strikes at Iran, we’re also seeing Iran step up attacks across the region and not just at US bases in the Gulf. The sporadic and spread out nature of Iran’s attacks mean that nothing is really safe in the region and they are also still keeping the Strait of Hormuz in de facto closure.
To make matters worse now, there is the potential for shipping disruptions in the Red Sea too. That as the Houthis are now teaming up with Iran to stifle Saudi vessels that are looking to transit to/from the Jeddah port. Troubling times.
[WTI crude oil daily chart ($/bbl)]
This is all leading to higher oil prices with WTI crude now threatening a firmer break above the $90 mark. This is the first time since 11 June that futures have come up to hit the figure level.
And from the chart above, there is much to be mindful about from the technical side of things.
For one, oil buyers are now threatening of the key trendline resistance set out by the peak in prices during April and May. But adding to that, we’re also seeing price now start to break above the 100-day moving average (red line). If sustained, that will shift the momentum back to being more bullish for oil prices and underpin the push higher we’re seeing this week.
And with the Middle East situation set to persist for longer, market fears are being exacerbated right now and that could easily lead to another similar run that we saw back in March.
At some point, you would expect the US to try and make nice again. However, I reckon that won’t happen until Trump is feeling the heat of oil prices being too high and stocks being hammered lower. What is happening now is basically a testament to the fact that the market moves in May and June bought him enough of a buffer to escalate the conflict with Iran again.
And it’s not entirely his fault though as we all know what Iran’s goal was and how they wanted to keep kicking the can down the road. It was always on the cards. The only question was whether Trump would be goaded into breaking the facade and stop the play acting from both sides.
Well, I guess we have the answer to that from the past few weeks. And now, the question turns back to will the US concede to make another attempt at peace with oil prices surging higher and stocks falling back down? It feels like a question of when and not if perhaps.
Next Move Markets desk view
For active traders, this brief should be read through the lens of energy markets rather than as a standalone headline. The key question is whether the theme behind WTI Crude Oil Reaches Six-Week High as Prices Push Toward 90 Dollars can influence positioning beyond the first reaction. That means watching supply headlines, inventory data, OPEC policy, transport routes and geopolitical risk together, not in isolation.
A richer trading read comes from separating the catalyst from confirmation. The catalyst explains why markets are paying attention; confirmation comes from price action, liquidity and cross-asset behavior after the headline is digested. If those signals do not align, traders should treat the move as fragile and keep risk tighter.
What traders should watch next
- Whether the headline changes physical supply expectations or only short-term sentiment.
- How Brent and WTI react around recent technical ranges after the first volatility spike.
- Inventory data, OPEC communication and shipping-route risk that can confirm the theme.
- Currency moves and global growth expectations that may offset energy-specific catalysts.
Risk context
This article is a market-intelligence brief, not a trade recommendation. Before acting on the theme, traders should define invalidation, position size and the time horizon of the setup. The same headline can support a short-term reaction and still fail as a multi-session trend if liquidity, policy expectations or broader sentiment move the other way.
Scenario map
The base case is that traders keep this theme on the radar while waiting for confirmation from supply headlines, inventory data, OPEC policy, transport routes and geopolitical risk. A stronger continuation scenario requires follow-through after the first reaction, preferably with related assets moving in the same direction. A failure scenario develops if the headline is quickly absorbed, volatility fades and price returns inside the previous range.
For energy markets, the most useful approach is to compare the article theme with live market behavior. If the market confirms the narrative, pullbacks can become more constructive. If the market rejects it, the headline becomes background noise rather than a trading driver.
Execution discipline
- Define the level first: traders should know where the idea is invalidated before thinking about upside or downside.
- Separate news from setup: WTI Crude Oil Reaches Six-Week High as Prices Push Toward 90 Dollars may explain attention, but entry quality still depends on timing, liquidity and risk/reward.
- Watch confirmation: a clean move usually appears across related markets, not only in one isolated instrument.
- Control exposure: if volatility expands, smaller position sizing can be more professional than chasing the headline.
Next Move Markets treats this kind of brief as a starting point for preparation: identify the driver, map the scenarios, then wait for the market to prove which path is actually being priced.
