WTIUSD

Oil futures rose on Tuesday, surpassing short-term averages. Following the U.S. sanctions on Iranian oil, the market experienced some relief due to positive developments in Iraq's oil exports. However, the potential impacts of Iraq's oil trade and the quest for a ceasefire in Ukraine are being closely monitored. Additionally, the performance of European and U.S. stock markets is another important factor to watch.

If prices remain above the support levels of 70.50 – 71.00, an upward trend is expected to continue. In the event of price increases, the levels of 71.50 and 72.00 could be targeted. Moreover, as long as the support of 70.50 – 71.00 is maintained, there is potential for a new rise. For declines to persist, movement below 70.50 needs to be observed; in this case, the levels of 70.00 and 69.50 may come into play.