The price of crude oil has moved higher and moves back above $76.
Iran’s strikes will intensify and expand in coming daysThousands of Iraqi Kurds have launched a ground offensive in IranIran says it hit a US warship with missiles 600 km away. It is reported that the missile 7000 km range and can change course midflight. US warships would be easy targets in the Persian Gulf. That complicates the assurance that ships would be able to pass through the straight of HormuzThere is a report that Houthis in Yemen plan to attack vital targets inside Saudi Arabia using missiles and drones as they have done in the past.
The next target comes in at $76.59, a downward sloping trendline is near that level. Can above and it opens the door for a run toward the high pricing this week at $77.98. On the downside, it would take a move below the $74 level to increase the bearish bias.
This article was written by Greg Michalowski at investinglive.com.