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Wednesday, December 28, 2011

Iranian Tensions Translate into $100 Oil [video]



Oil prices have jumped on increased talk of an attack on Iranian nuclear facilities.

Additionally Iranian war games in the Strait of Hormuz have increased market tensions as the world's 3rd largest exporter threatens to close the strait should the nation be attacked. As such, spot crude oil prices are now testing the $100 level.

Spot crude is trading in a channel pattern from the October high and is encroaching on its upper boundary at $101.50. The next resistance is found at $103.30, while support comes in at $92.00.

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