WTIUSD

Every tension in the Middle East is a reason for an increase in oil prices. Iran's proximity to one of the world's most important oil transit points will fuel supply concerns, pushing WTI prices higher. A bullish trend may be observed above the pivot level of 70.593. The first target will be the resistance at 73.377. Breaking above this level could accelerate the rise and the target could be the level of 80.608. The crude oil inventory data to be announced on Wednesday will also have an impact on prices.