Rising Tensions and Early Hurricanes Propel Oil Futures Above $84

On Tuesday, WTI crude futures climbed above $84 per barrel, marking their highest level since April. This surge was driven by mounting tensions in the Middle East and the early onset of the Atlantic hurricane season. Israel reported 18 soldiers injured in a drone attack attributed to Iran-backed Hezbollah, raising concerns about wider regional conflict. Meanwhile, Hurricane Beryl, now a category 5 storm, emerged as the most intense storm to form in the Atlantic at this early stage, hitting Carriacou Island and moving towards Jamaica. Oil prices were further bolstered by OPEC+ supply constraints and increased travel activity, while traders monitored gasoline demand ahead of the upcoming US Independence Day holiday.

In the rising movement of oil, the first resistance is at 84.40, with subsequent levels to watch at 85.00 and 86.00. On the downside, the initial support is at 83.30. If this level is breached, the next support levels to monitor would be at 82.60 and 81.80 respectively.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
86.00	85.00	84.40	83.30	82.60	81.80