Oil News: Crude Oil Futures Weekly Outlook Driven by War, Supply Fears

Market Trends - The market shows no true resistance until $119.48, with a significant breakout anticipated above $103.15 [1] - A swing bottom support is established at $84.37, with the 50% level at $98.11 acting as short-term support for three weeks [2] - The 52-week moving average at $63.56 is controlling the intermediate and long-term trends [2] Geopolitical Impact - The ongoing war is the main driver of the current oil market rally, with the Strait of Hormuz closed to most commercial traffic for nearly 30 days [3] - The Strait handles approximately 20% of global crude oil, refined products, and LNG flows, indicating significant market awareness of this situation [3] Trading Strategies - Traders should monitor military developments, as increased U.S. military presence or Iranian retaliation could lead to rapid price increases [4] - Any signs of de-escalation or reopening of the Strait may prompt sellers to enter the market [4] - The current bias remains higher until a significant change occurs, with every dip viewed as a buying opportunity [5]