Crude oil futures are settling higher today, hitting 1-week highs. The gains were driven by geopolitical tensions and a wave of supportive macro developments.
President Trump’s decision to accelerate the deadline for a Russia-Ukraine truce — now just 10–12 days — fueled fears of further sanctions on Russian energy exports, raising supply risk.
Optimism around trade also played a role, with the U.S. striking deals with both the EU (15% tariffs and other details) and with China (to extend trade truces. Leaders met in Stockholm).
Meanwhile, escalating sanctions on Russia by the EU, along with potential OPEC+ moves to pause output increases this fall, added to the bullish sentiment. Gains were somewhat capped by a stronger dollar and rising global crude inventories.
Technically, the price moved back above its 200-hour moving average. That moving average currently comes in at $66.26. Staying above that level would keep the buyers more in control at least in the short-term. The high price today reached $67.02. Getting above that level would be more bullish, and have traders targeting a topside channel trendline near $67.88.
This article was written by Greg Michalowski at investinglive.com.
